Bank of Cyprus profits sustainable, says CEO

— No exposure to sub-prime risk

 

Bank of Cyprus profits are sustainable based on core banking operations and excellent relations built with clients in Cyprus and abroad, said the bank’s CEO Andreas Eliades responding to reports on 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 Cyprus Chamber of Commerce and Industry (KEVE) headquarters in Nicosia. The bank has sponsored the 6^th floor in the KEVE building as part of its efforts to help boost the island’s business community.

Eliades told the Financial Mirror 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 Manthos Mavrommatis 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.”