ECONOMY

Eurobank expands in Cyprus

EFG Eurobank, Greece’s second-largest lender, has launched two new business centers in Cyprus as part of plans to boost its presence in the market. The bank said in a statement yesterday its subsidiary, Eurobank EFG Cyprus Limited, has launched two new centers in Limassol and Larnaca and completed a 100-million-euro share-capital increase for the bank in Cyprus. «(These changes) indicate the importance the Eurobank Group gives to the Cypriot market and the confidence it shows in the prospects of the Cypriot economy, recognizing the role of Cyprus as an important financial center,» the bank said. Earlier this year, Eurobank said its Cypriot operations, which include private and investment banking, are expected to be profitable within 2008. Eurobank, which has a market value of 8.4 billion euros, is present in Bulgaria, Romania, Serbia, Poland, Turkey and Ukraine.