Bank of Cyprus enters local market

Bank of Cyprus, the biggest bank in Cyprus, is preparing to enter the local market, where it intends to operate a bank subsidiary as well as a leasing company. According to data published in its latest financial report, Bank of Cyprus (BOC) will apply for a banking licence from the NBR, although, its priority is to organise leasing operations. As a matter of fact, BOC has opened an office that does not perform banking operations, but rather, the office is currently coordinating the personnel recruitment process for the future bank. Contacted by ZF, representatives of the Bucharest-based office confirmed the bank''s intention to apply for a banking licence on the local market, but did not offer other details. BOC, which has an "A minus" rating for long-term debts assigned by Fitch Ratings, held assets worth a total 7.7 billion Cypriot pounds (equivalent to 13.3 billion euros) at the end of March, 18% more than a year ago. The biggest bank in the Romanian system, BCR, holds assets worth a total 9.7 billion euros. ZF