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Cyprus Bank Evaluates Expansion Into Greek Market With Representative Office

Assessing A New Strategic Initiative

Cyprus Bank is actively evaluating the establishment of a representative office in Greece, signaling its ongoing commitment to international expansion. While no final decision has been reached, this potential move is part of a broader strategy to bolster the bank’s outward focus, aligning with its long-term business objectives.

Calculated Timelines And Market Reentry

Senior executives have indicated that any steps toward establishing a permanent presence in Athens will be postponed until after this year, with formal implementation expected by 2026. In the meantime, the bank continues to effectively serve its Greek clientele. This strategic consideration follows recent initiatives, such as the negotiated re-entry into the Athens stock market after an 11-year absence, underscoring the bank’s intent to reestablish significant engagement with Greece.

Fostering International Corporate Lending

Central to this expansion is Cyprus Bank’s ambition to enhance its portfolio of international corporate loans. Notably, in 2024, the institution disbursed €400 million in loans to Greek enterprises, with the aim of increasing its total overseas lending portfolio to €1.5 billion. The robust performance observed in the first half of 2025, marked by a 31% year-on-year increase in new loans predominantly targeting international operations and large corporations, validates its growth strategy.

Future Growth And Sectoral Focus

CEO Panikos Nikolaou has articulated a clear vision: deepen the bank’s footprint in Greece by providing substantial financial support to major Greek enterprises and the dynamic maritime sector. This approach leverages its strong international business network to secure high-quality, risk-compatible investments, ensuring sustainable growth and reinforcing its competitive stance in the European market.

Limassol Port Electrification Awaits Grid Connection And EU Funding

Plans to equip Limassol port with shore-side electricity are advancing at the technical level, but unresolved administrative procedures, a pending grid connection and the need to secure European funding continue to delay implementation.

The proposed shore-power system, also known as cold ironing, would allow vessels to connect to electricity while berthed, reducing reliance on onboard engines and cutting emissions and noise in the surrounding area.

Technical Studies Near Completion

Transport Minister Evi Tsolaki said work is progressing through the EU-backed DecarbonLim programme, which is preparing the technical assessment and feasibility study required before construction can begin. The ministry is seeking regular updates from the Cyprus Ports Authority on the studies’ completion timetable.

The initiative also involves Frederick University, Eurogate Container Terminal Limassol, DP World Limassol, the Electricity Authority of Cyprus, the Cyprus Transmission System Operator and Limassol Municipality.

Grid Connection Remains A Key Hurdle

Despite progress on the studies, construction cannot proceed until the project secures a connection to the national transmission network.

Tsolaki said the ministry has requested land from the Department of Lands and Surveys for an electricity substation. Once the site is allocated, the relevant applications can be submitted to the Cyprus Transmission System Operator to advance the grid-connection process.

Until these steps are completed, the project will remain in the preparatory phase, even if the technical studies are finalised.

European Funding Adds Urgency

The feasibility work under DecarbonLim will support an application for construction financing, Tsolaki said. A competitive European funding call is currently open, and the ministry intends to submit an application within the required timeframe.

The funding window has raised concerns in parliament. MP Fotini Tsiridou warned that further delays could undermine Cyprus’ chances of securing EU support, noting that similar port electrification projects elsewhere in the bloc have already received funding.

Speaking to Entrepreneurial Limassol, published by the Limassol Chamber of Commerce and Industry, Tsiridou said she had observed some progress but had yet to receive a formal response to her parliamentary question.

Environmental And Commercial Benefits

Tsiridou argued that shore-side electricity would deliver benefits beyond emissions reductions, including less noise and air pollution for residents near the port.

“Our port should not be disconnected from the rest of the city,” she said, describing shore-power infrastructure as both a necessity and a European obligation.

Across Europe, port electrification is increasingly linked to environmental performance and competitiveness. By allowing compatible vessels to switch off auxiliary engines while docked, shore-power systems can reduce local emissions and noise while supporting wider decarbonisation goals.

Construction Timetable Still Unclear

The Cyprus Ports Authority signed a contract with DBA S.p.A. in July 2025 for a comprehensive study of the system’s technical, economic and environmental requirements. The work was intended to establish the basis for installation and identify any necessary port infrastructure upgrades.

More than a year later, key steps concerning land allocation, grid connection and financing remain unresolved. No timetable has been announced for completing these procedures or submitting the final funding application.

Limassol’s shore-power project therefore remains between planning and implementation. Its next milestones are securing the substation site, progressing the transmission-network application and obtaining construction financing. Until these are in place, the port’s transition to shore-side electricity cannot move into the construction phase.

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