Bank of Cyprus profits are sustainable based on core banking operations and excellent relations built with clients in Cyprus and abroad, said Bank of Cyprus Group CEO Andreas Eliades responding to the global equity meltdown.
“I will not comment on the level of share prices, but I can assure you that Bank of Cyprus and Greek banks in general are well placed to ride out the current storm affecting all markets since they are not exposed to the US sub-prime risks and boast adequate liquidity to cover their funding needs,” said Eliades.
He was speaking at the inauguration of the Bank of Cyprus floor at the Head Quarters building of the Cyprus Chamber of Commerce & Industry (KEVE).
Eliades told the Financial Mirror at the KEVE event that Bank of Cyprus expansion and business development plans are proceeding on schedule and more details about the Strategic Growth plan for 2008-2010 will be released in February.
KEVE Chairman Manoths Mavromatis expressed his confidence that global markets will be able to ride out the crisis hitting equities because “many areas continue to register satisfactory growth, unaffected by the slowdown in the US.”
Bank of Cyprus has sponsored the 6th floor in the KEVE building as part of its efforts to help the island’s business community.
Source: Financial Mirror
