The Bank of Cyprus (BoC) has not yet made a decision on whether to establish a representative office in Greece, it emerged on Friday.

According to a report by Philenews, the matter is under evaluation as the next step in the bank’s expansion into the Greek market, a move that would also highlight the group’s growing outward orientation.

The potential of this happening resurfaced after a report by Greek news portal Insider, which wrote that the Cypriot bank is considering creating a permanent representative office in Athens with a focus on corporate lending.

Citing sources from the Bank of Cyprus, Philenews reported that the option is indeed being evaluated, as senior executives of the group have previously mentioned during presentations of financial results.

They stressed that there is no final decision at this stage and no move will be made before the end of this year.

The report added that any action is expected to take place during 2026, as there is no time pressure and the bank’s customers in Greece are being served without any problems.

“As matters stand, the Bank of Cyprus appears determined to return to Greece in one way or another,” the report said.

The first step has already been taken with the trading of its shares on the Greek stock exchange, after an absence of around eleven years and six months.

The aim of the Bank of Cyprus remains the development of its portfolio of international corporate loans, combined with the greater granting of new loans in Cyprus and the building of stable relationships with healthy clients.

Moreover, it has been established that interest in operations in Greece has not been kept under wraps.

Indeed, the bank’s chief executive officer Panicos Nicolaou previously shared that the group seeks to further strengthen its presence mainly through financing of large Greek enterprises and shipping.

Indicatively, the bank disbursed loans worth €400 million to Greek companies in 2024, aiming to increase its total loan portfolio outside Cyprus to approximatley €1.5 billion.

Moreover, new lending during the first half of 2025 amounted to €1.60 billion, which represented an increase of 31 per cent year-on-year.

This was primarily derived from loans in the international business sector and from corporate loans.

In its half-year results, the bank said that “due to the strong presence in the domestic market, the group continues to focus on expanding the international business portfolio to around €1.5 billion in the medium term, compared to around €1.1 billion on June 30, 2025, which was an increase of 16 per cent from December 31, 2024”.

The bank added that this portfolio includes loans to international business operations, project financing and loan syndications, as well as loans to the shipping sector.

It is leveraging its client base from the bank’s International Business Centre and international enterprises, while targeting selective sectors aligned with its risk profile.