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Bank of Cyprus to increase its participation in Banca Transilvania

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2010-05-17 17:10

Bank of Cyprus Group announces that it has obtained the approval of the Central Bank of Cyprus to increase its participation in the share capital of Banca Transilvania to up to 20%. rnrnThe increase of its participation is also subject to the approval of National Bank of Romania to which the Group has submitted the relevant application.rnrnIn December 2009 Bank of Cyprus Group acquired 9.99% of BancarnTransilvania. If and when the necessary approvals have been obtained, the Group will be able, if a suitable opportunity arises, to increase its percentage participation to up to 20%.rnrnFounded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. rnrnIn addition to retail and commercial banking, the Group’s activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance. rnrnThe Group currently operates through a total of 569 branches, of which 216 operate in Russia, 166 in Greece, 143 in Cyprus, 18 in Ukraine, 10 in Australia, 11 in Romania, 4 in the United Kingdom and 1 in the Channel Islands. rnrnBank of Cyprus also has 8 representative offices in Russia, Romania, Ukraine, Canada and South Africa. The Bank of Cyprus Group employs 12.127 staff worldwide.rnrnAt 31 December 2009, the Group’s Total Assets amounted to €39,41 bn and the Shareholders’ Funds were €2,42 bn. The Bank of Cyprus shares are listed on the Cyprus and Athens Stock Exchanges. Additional information can be found on the Group’s website www.bankofcyprus.com.

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