Eliades insists on Bank of Cyprus growth path

Bank of Cyprus CEO Andreas Eliades insists that Cyprus’ largest financial organization will stick to its policy of expansion of activities in Greece and the new markets of Romania and Russia, stressing once again that it will not deviate from its course simply because “some people want to cooperate without making specific proposals.”

Eliades said that during the two years when his Management team took the helm of Bank of Cyprus, the share price surged from EUR 2 to current EUR 10 level, increasing the Bank’s market cap to EUR 5.5 bln.

“We have delivered more than what we promised and I can assure Bank of Cyprus stakeholders (shareholders, staff and clients) that we shall continue on our steady growth path, which among others includes expanding the Greek branch network to 190 during the next three years and expanding in Romania and Russia.”

Referring to the Board meeting held on Wednesday, Eliades said among others, the Board also discussed the contents of the widely leaked letter from Piraeus Bank that it wants to have a meeting to discuss future cooperation.

“The Board unanimously decided that until such time that there is no specific plan on the table, there is no point in discussing so-called proposals for which I can assure that none is on the table,” said Eliades.

In an open message to stakeholders, Eliades said they should trust and know that the Management and Board will take the best possible course of action to safeguard their interests.