Cooperation with China Development Bank

Bank of Cyprus and China Development Bank launch their cooperation

Top ranking officials of China Development Bank visit Cyprus

The Bank of Cyprus and China Development Bank have launched their cooperation following the visit to Cyprus of top ranking officials of the Chinese bank.

Chief Executive Officer Mr. Andreas Eliades, the Vice Chairman of the Board of Directors Mr. Andreas Artemis and high ranking executives of the Bank of Cyprus Group had the opportunity to discuss and jointly decide on the objectives and strategy of their cooperation.

The Vice Chairman of the Board of Directors of the Bank, Mr. Andreas Artermis, referred to the history, culture and contribution of the two countries to monetary evolution and stressed amongst others: “With this cooperation, the Bank of Cyprus and China Development Bank not only bridge the cultures but also help develop business and investment relations between the two countries. I am convinced that the memorandum of cooperation, signed by the two institutions for the co-financing of investments in specific areas, will further strengthen economic cooperation between Cyprus, Greece and China and contribute to the successful achievement of the future objectives of all three counties.”

Bank of Cyprus CEO Mr. Andreas Eliades stressed that cooperation between the two banks is very important in the areas of shipping, renewable energy sources and development projects for both countries. He further added: “China is the second largest economy in the world with an increasingly significant role in the global economic scene. Trading relations between the European Union and China have greatly developed in recent years and are expected to strengthen even more in the near future. Cyprus, a member of the European Union and a developed and reliable financial centre, is an attractive destination for investment. The Bank of Cyprus may serve as the link for exploiting opportunities in the broader region to the mutual benefit of both institutions.”

The Executive Vice Chairman of China Development Bank, Mr. Zheng Zhijie, expressed his great satisfaction for the launching of the cooperation and referred to the importance that the two institutions attach to social and cultural contribution in the societies where they are carry out operations. He also stated: “Cyprus, as a member of the European Union, may serve as a financial bridge that will bring China closer to Europe and the Eastern Mediterranean. This agreement lays the foundations for a cooperation which may, in the future, extend to other strategic areas as well.”

The Bank of Cyprus Group signed a memorandum of cooperation with China Development Bank for a five-year loan amounting to 300 million euros. This will mark the beginning of the cooperation between the two banks with the co-financing of investments in the areas of shipping, renewable energy sources and development projects.

China Development Bank is a state-owned financial institution aiming, inter alia, at the development of China’s external relations with developed and developing countries through the financial support of transactions. It is worth noting that CDB is the largest banking institution of the country that grants loans in foreign currency. At the end of 2010 the Bank’s total assets amounted to 583 billion euros and its booked loans to 515 billion euros.

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