Bank of Cyprus to open India rep office

The board of the Bank of Cyprus has decided to open a representative office in India, saying in an announcement Thursday that “the relative procedure to apply for a license has been submitted to the regulatory authorities in Cyprus and India.”
The bank said that due to the developing trade relations between the two countries, it has commissioned a comprehensive study of the Indian market. The vast size of the economy and the significant prospects led the Group to decide to open a rep office.
Furthermore, the bank noted that for the past two years Cyprus has been the fourth largest in relation to foreign direct investments (FDIs) in India.
The Indian economy has enjoyed five years of steady growth with an annual rate of 8%, with India little affected by the worldwide economic crisis, maintaining excellent medium to long term growth prospects.
India, together with Brazil, Russia and China comprise the BRIC grouping of nations that are expected to show rapid rates of economic growth I the immediate future and share a significant part of the worldwide economic recovery.