OREANDA-NEWS. January 26, 2011. The Bank of Cyprus Public Company Ltd (Bank of Cyprus or Bank) announces that on the 18th of January it has signed a Memorandum of Understanding with China Development Bank Corporation. China Development Bank Corporation is a state-owned financial institution which among other objectives aims to support China’s international relations with developed and developing countries by providing financial support for trade. At the end of 2009, China Development Bank Corporation’s total assets amounted to EUR 522 billion and its loans to EUR 427 billion, reported the press-centre of Uniastrum Bank.

The main purpose of the cooperation is to jointly finance investments particularly in the areas of shipping, renewable energy and infrastructure projects which will actively strengthen the economic cooperation between Cyprus, Greece and China.

The cooperation with China Development Bank Corporation is the first step of Bank of Cyprus in the promising Chinese market.

Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. In addition to retail and commercial banking, the Group’s activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance. The Group currently operates through a total of 567 branches, of which 201 operate in Russia, 174 in Greece, 141 in Cyprus, 23 in Ukraine, 12 in Romania, 11 in Australia, 4 in the United Kingdom and 1 in the Channel Islands. Bank of Cyprus also has 8 representative offices in Russia, Romania, Ukraine, Canada and South Africa. The Bank of Cyprus Group employs 11.929 staff worldwide.

At 30 September 2010, the Group’s Total Assets amounted to EUR 41,96 bn and the Shareholders’ Funds were EUR 2,39 bn. The Bank of Cyprus shares are listed on the Cyprus and Athens Stock Exchanges. Additional information can be found on the Group’s website www.bankofcyprus.com.