The local branch of Bank of Cyprus, which launched operations almost a year ago, has managed to derive a profit in the first quarter, posting net income worth 1.3 million euros. The start of operations in Romania entailed a total of 6 million euros in costs. By the end of the first quarter, the bank had granted loans worth 349 million euros. The Cypriots first had a representative office in Bucharest, through which they granted 100 million euros in cross-border financing. The bank also plans to open seven branches this year to join the three already active since it first came onto the market. As put in its development plan, the network will reach 40 branches by 2010. As presence expands, the Cypriots expect funding granted to reach 1.5 billion euros. Bank of Cyprus mainly targets companies, which should generate 46% of the volume of loans until 2010.
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