Bank of Cyprus Public Company Ltd ("the Bank") announces that it has obtained the final approval from the Central Bank of Cyprus for the establishment of a branch in Romania.
The operations of the Bank in Romania are expected to begin at the beginning of 2007. The business development will focus on the small and medium size enterprises sector where the Bank has proven and successful experience, without of course neglecting the corporate and retail sectors.
Mr. Vassilis Papaioannou has been appointed as Manager Bank of Cyprus Romania. He has served in managerial positions of Bank of Cyprus Greece and has banking experience of more than 15 years. The central offices and main branch of the Bank will operate in one of the main avenues of Bucharest, Dorobanti Avenue.
The commencement of operations is also subject to the approval from the regulatory authorities in Romania, which is anticipated.