The Bank of Cyprus intends to sell bonds worth 500 million euros, and the funds therefrom raised will be allocated for granting funding to the clients of the group in Romania and Russia, two markets on which the bank has recently entered. The move is part of a medium term bond-issuing programme announced by the bank, worth a total of 2 billion euros. The Bank of Cyprus should begin Romanian operations this month, after it was granted its operating licence for the domestic market. Previously, the bank had granted cross-border loans worth 100 million euros through its representative and marketing office in Bucharest. The Cypriots expect to see assets worth 200 million euros, at minimum, within the first year of Romanian operations and in two years' time hope to start deriving a profit. The bank's territorial expansion strategy entails opening a maximum of seven branches this year. For its Bucharest office, the bank rented the entire 2,600 square-metre area of the Dorobanti Business Center building, which will be finished in July.
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