BANK OF CYPRUS PUBLIC COMPANY LTD: Autonomous Growth
BANK OF CYPRUS PUBLIC COMPANY LTD: Autonomous Growth The Bank of Cyprus Group continues its growth course, maintaining high growth rates. In particular loan growth reached 12% for the whole Group, while loan growth for Greek operations reached 22% year-on-year to 30 September 2005. Among its portfolio of services strengths is leasing, comprising of 17%-18% of the Greek market, while the Bank notes dynamic expansion in its factoring services. Mr. Yiannis Kyrpi, Group Chief General Manager, recently noted that the Bank of Cyprus Group will focus on expanding its activities not only in Greece but also in the Russian and Romanian markets through the development of its own network. The Bank has already acquired the necessary approvals by the Central Bank of Cyrpus regarding its activities in Russia and Romania and is presently preparing to apply for the necessary licensing. The aim is to begin operations in these markets by 2007. As far as Greek operations are concerned, the Group enjoys strong position in the market, representing 48% of total Group Loans, estimated to reach 50% in the following three years. Strong performance The Group financial results for the 9 months 2005 confirm the return of the Group to the positive track as set in the Group's three year strategic plan (2005 - 2007).