The first stage of approval for the establishment of a banking subsidiary in Russia by the Bank of Cyprus Public Company Ltd ("the Bank") has been successfully completed. The first stage of approval was provided by the Central Bank of the Russian Federation and is subject to the final approval of both the Central Bank of the Russian Federation and the Central Bank of Cyprus.
The above development is important to the Bank of Cyprus Group ("the Group"), as the Group will be the first financial services group from the Cypriot and Greek marketplace that expands to the Russian market with good expansion prospects.