Cyprus cdbbank opens branch, reports ’09 profits

The cdbbank (formerly Cyprus Development Bank) opened its first branch in Nicosia and hosted a reception where the bank’s president, Rena Rouvitha Panou, announced that 2009 was a year of profits, despite the cost of restructuring, investments and infrastructure. She added that the bank’s portfolio also improved significantly as non-performing loans were drastically reduced.
The bank will be opening a new branch in Limassol soon as it embarks on a plan to provide private banking services to corporates and individuals.
The bank’s investment arm, Global Capital, is expected to continue with its expansion policy, while the wholly-owned subsidiary Kuban Bank is being restructured with the ‘cdb’ brand and is set to expend its operations in Krasnodar and Russia.