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Banks in Cyprus have always been very popular with business representatives from different countries. The offshore status of the island opened up great opportunities for developing your business and optimizing taxation, and banks have always been reliable partners. Cancellation of offshore status and the financial and economic crisis of 2013 could not significantly affect the banking sector.

The banking system of the island consists of: the Central Bank of the Republic of Cyprus, institutions registered on the island, and branches of international banks, as well as a number of credit institutions of the cooperative type.

The Central Bank supervises the activities of all banks, is responsible for the country's foreign exchange reserves, plans and coordinates the implementation of monetary and credit policy.

Banks in Cyprus, in addition to their main functions, also offer additional services such as asset management, insurance, leasing and factoring.

Most financial institutions are actively developing their functionality on the Internet. Favorable tax climate, support from the state lead to the fact that Cypriot banks remain in demand from the business circles of Europe, the Middle East and Africa. Banks in Cyprus are divided into 2 categories: registered in Cyprus and branches of foreign financial institutions.

Local financial institutions

List of banks in Cyprus with local registration:

1. Bank of Cyprus Public Company Ltd.
2. Mortgage Bank of Cyprus Ltd.
3. The Cyprus Popular Bank.
4. Hellenic Bank Ltd.
5. Alpha Bank Limited.
6. Co-Operative Central Bank Ltd.
7. Universal Bank Public Limited.
8. Emporiki Bank - Cyprus Ltd.
9. The Cyprus Development Bank Ltd.
10. Housing Finance Corporation.
11. Société Generale Cyprus Ltd.

The largest of them is Hellenic Bank, here are the details of its Moscow branch:

License number 3493

Phone +7 (495) 2870287

Date of registration 16.02.2009

Legal address: 107045, Moscow, Rozhdestvensky Boulevard, 21, building 1.

Cypriot banks are authorized to serve residents and use the local currency, as opposed to branches of foreign institutions.

Branches of foreign banks

Permission to engage in banking in Cyprus has been issued to 29 international banks. Unlike local registration institutions, they are limited in their activities - they serve only non-residents and do not use the Cypriot pound.

Subsidiaries of EU banks

Branches of eight banking institutions from the EU countries operate in Cyprus, their branches are located in major cities of the island. There is a branch of the Greek National Bank.

Branches from other countries

In addition to representatives of the banking groups of the EU countries, there are also branches of large financial institutions in the Middle East, mainly Lebanese and Jordanian, on the island. There is a “daughter” of PrivatBank from Ukraine.