First stage of BOC banking subsidiary in Russia completed

(CNA) The first stage of approval for the establishment of a banking subsidiary in Russia by the Bank of Cyprus has been successfully completed.

A statement by the Bank of Cyprus said the approval was provided by the Central Bank of the Russian Federation and is subject to the final approval of both the Central Bank of the Russian Federation and the Central Bank of Cyprus.

The BOC described the development as “important”, noting that the Group will be the first financial services group from the Cypriot and Greek marketplace that expands to the Russian market with good expansion prospects.