Bank of Cyprus has revealed it is planning to enter the ship finance sector for the first time.

Led by CEO John Hourican, the lender will aim for a "careful" approach to the risk-management of backing Cypriot and Greek companies, the Cyprus Mail reported.

"The facts today suggest that this business area has the potential to be a sensible, profitable and indeed long-term business for Bank of Cyprus,” he told delegates at the Shipping Forecast Summit in Limassol.

Hourican