Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. In 1991, the Group established its first branch in Greece where it has been expanding rapidly since 1999. It has an established banking presence in the United Kingdom and in 2001 it expanded to Australia through a wholly owned subsidiary bank. In addition to retail and commercial banking, the Group's activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance. The Group currently operates through a total of 300 branches, of which 143 operate in Cyprus, 135 in Greece, 5 in the United Kingdom, 11 in Australia, 4 in Romania, 1 in Russia and 1 in the Channel Islands. Bank of Cyprus also has representative offices in Russia, Canada and South Africa. The Bank of Cyprus Group employs 6.909 staff worldwide.
At 31 December 2007, the Group's Total Assets reached euro 31,76 bn (C£18,59 bn) and the Shareholders' Funds were euro 1,97 bn (C£1,15 bn). The Bank of Cyprus shares are listed on the Cyprus and Athens Stock Exchanges. Additional information can be found at the Group's website www.bankofcyprus.com.
Bank of Cyprus completed the acquisition of the Ukrainian bank AvtoZAZBank today, having obtained the relevant approvals from the supervisory authorities in Cyprus and Ukraine. Bank of Cyprus will therefore dynamically commence to provide banking services in Ukraine.
The Bank of Cyprus Group expands in line with its strategic plan in countries with significant economic growth potential, large population, relatively low banking penetration and a high degree of recognition for Bank of Cyprus. Bank of Cyprus will provide full banking services in Ukraine, also leveraging on its significant number of established relationships with businesses operating in this country.
Bank of Cyprus acquired 97,2% of the share capital of AvtoZAZBank today for the sum of euro 57,9 mn paid in cash.
AvtoZAZBank was established in 1991 and provides full banking services. The Bank's head office is located in Kiev and it operates through a network consisting of 26 branches and 18 seasonal cash offices located in four main regions of Ukraine. The Bank employs 365 people. According to its audited financial statements at 31 December 2007, the net assets of the Bank amounted to euro 16 mn, total loans amounted to euro 98 mn and total deposits to euro 76 mn.
With regard to its Ukrainian operations, Bank of Cyprus has appointed Mr Bairaka Vladyslav Mykhailovych as General Manager Bank of Cyprus Ukraine. Mr Bairaka Vladyslav Mykhailovych has served as Chairman of AvtoZAZBank during the last six years, and he has experience in managerial positions at other local banks.
On the occasion of the acquisition of AvtoZaZBank, the Chief Executive Officer of Bank of Cyprus, Mr Andreas Eliades, referred to the growth potential of the Group in Ukraine and stated: "We feel confident that our expansion in Ukraine via the acquisition of AvtoZAZBank will contribute significantly towards the achievement of our strategy to become a powerful banking group in the region of Southeastern Europe".
According to Cyprus Stock Exchange regulations, it is also announced that the acquisition of AvtoZAZBank is executed on a purely commercial basis.