leasing in Russian
Bank of Cyprus, a major asset finance provider in the Greek
market, is planning to launch a leasing operation in Russia in
order to capitalise on growing demands for loans in the
country.
In Greece the bank leases a range of assets, including lorries,
buses and medical equipment, mainly through its subsidiary Kyprou
Leasing.
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The bank, which in recent days became the first Greek bank to
secure a license to operate in the Russian Federation, and last
Monday officially opened its first branch in Moscow, is expected to
poach staff for the new leasing business from rival Russian
banks.
There are around 1,200 banks in Russia of which 200 are foreign
owned. According to recent data, 50 per cent of the market is
controlled by five banks, all state-owned, while foreign banks
currently command an 18 per cent market share.
According to media reports, the entry into the Russian leasing
market occurs amidst an increase in demand by Russians for consumer
and corporate loans.
As well as leasing, Bank of Cyprus also offers asset based
lending including, factoring, brokerage, fund management, general
and life insurance, as well as investment banking and related
services in Cyprus, Greece, the United Kingdom, Australia, and the
Channel Islands. It also engages in property development, trading,
and credit card processing.
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By GlobalDataThe bank’s CEO, Andreas Eliades, said that the expansion into
the Russian market is a well planned, long term investment move
which is fully in line with the new globalised economy. “We were
the first Cypriot bank to expand into Greece and now we have become
the first to set a foothold in the very important and rapidly
developing Russian market,” he said.
