BANKS AND FINANCIAL INSTITUTIONS

All information provided is from public sources and is accurate as of the time of posting: 27 September 2019. 

 

Bank of Cyprus (BOC)

 

The Bank of Cyprus (BOC) is the largest bank in Cyprus by assets and branches. Some 83% of Cypriots are reported to have active Bank of Cyprus bank accounts, representing a 60% share of total corporate accounts and a 40% share of the overall banking sector. The Bank of Cyprus has 108 branches in Cyprus, with additional presence in Romania, Greece, Russia, Ukraine and China.

The Bank of Cyprus is listed on the Cyprus Stock Exchange, where it is the largest company by stock market capitalisation, as well as on the London Stock Exchange. BOC has been at the centre of the 2013 bank bail-in in Cyprus, and was one of two lenders that have received Emergency Liquidity Assistance (ELA) during that time.

Foreign investors are typically assigned to the International Business Unit (IBU) for the region in which they open a bank account: these are in Nicosia, Limassol, Paphos and Larnaca.

 

Hellenic Bank Public Company Ltd (HB)

 

Hellenic Bank Public Company Ltd (HB) is one of the largest banking and financial institutions in Cyprus. Hellenic Bank Public Co Ltd is listed on the Cyprus Stock Exchange. The Church of Cyprus had always been a major shareholder (29%) but it’s share has now decreased at 0.3%, with Demetra Investment Public Ltd and Wargaming Group Limited holding a 21% and 20.6% stake respectively.

In 2018 the Cyprus Cooperative Bank ceased to exist following the bank 2013 bank-bail in Cyprus and non-performing loans. Hellenic Bank announced the completion of the acquisition of its assets and liabilities. These include government bonds, performing loans and cash.

The acquisition made Hellenic Bank the second largest Cypriot Bank with a 31% share of the Cypriot deposit market and 20% of the loans market. Additionally, it absorbed 75 branches and 1,100 staff and raised €150mn in new capital.

The Hellenic Bank Group has additional representation in Moscow, St Petersburg, Kiev and Johannesburg.

Foreign investors are typically assigned to the International Business Unit (IBU) for the region in which they open a bank account: these are in Nicosia, Limassol and Larnaca.

 

RCB Bank

 

RCB Bank Ltd was founded in 1995, and was formerly known as Russian Commercial Bank (Cyprus), until November 2013. It is one of the largest financial banking institutions in Cyprus along with Bank of Cyprus and Hellenic Bank, as well as a significant EU bank.

RCB Bank is based in Limassol, and as of July 2018, has branches in Nicosia, Paphos, Larnaca and in Luxembourg. The bank offers corporate, investment and retail products and services to clients from around 50 countries and has additional representation in Moscow and London.

 In 2016, RCB joined forces with the European Investment Bank (EIB) and the Cypriot government along with Bank of Cyprus and Hellenic Bank, to drive more funding into the local economy and support SMEs through competitive lending solutions. This commitment was renewed in 2018 with a €30 million tranche.

 

Ancoria Bank

 

Ancoria Bank Ltd is a new Cyprus bank, established in 2016, and is licensed, registered and supervised by the Central Bank of Cyprus. Swedish board director Sievert Larsson established Ancoria Insurance in 1987 which subsequently led to the founding of Ancoria Bank.

It offers both personal and business banking products and services. Ancoria Bank has branches in Nicosia, Limassol and Larnaca and its products and services are also available online.

 

AstroBank

 

AstroBank, formerly known as Piraeus, is a Cyprus registered bank regulated by the Central Bank of Cyprus established in 2007. AstroBank claims a prominent position in the Cypriot market with a network of more than 20 branches and business units all over Cyprus.

Its services include international banking, corporate banking, retail banking and private banking.

In August 2018, AstroBank acquired the operations of USB bank including its staff and a number of its assets. The agreement increased AstroBank’s balance sheet by 55%, while its total assets will increase to €2 billion, including gross loans of €1.2 billion, and its customer deposits and equity to €1.9 billion and €160 million respectively.

Foreign investors are typically assigned to the International Business Unit (IBU) to open a bank account which is located in Nicosia.

 

Eurobank Cyprus

 

Eurobank Cyprus was established in Cyprus in 2007 and is part of the Eurobank Group which is currently active in six countries (Luxembourg, Greece, Serbia, Bulgaria, Cyprus, UK).

The Eurobank Group was established in Greece in 1990 and currently holds total assets of €58.5 billion and 13,267 employees throughout its banking group.

Eurobank Cyprus has 8 branches in all cities in Cyprus and offers corporate banking, wealth management banking, international business banking, global markets and affluent banking.

Foreign investors are typically assigned to the International Business Unit (IBU) for the region in which they open a bank account: these are in Nicosia and Limassol.

 

Cyprus Development Bank

 

The Cyprus Development Bank Ltd (CDB) was founded in 1963 and is currently one of the leading niche financial institutions in Cyprus for the needs of both domestic and international clients.

CDB’s main shareholders were the Republic of Cyprus and the European Investment Bank in order to promote economic development in Cyprus but was privatised in 2008.

Cyprus Development Bank’s headquarters is in Nicosia and has branches in Nicosia and Limassol. CDB’s services include corporate and SME banking, risk management, asset management and international banking.

Foreign investors are typically assigned to the International Corporate Banking (ICB) for the region in which they open a bank account: these are in Nicosia and Limassol.

 

Societe Generale Bank Cyprus

 

Societe Generale Bank Cyprus was established in Cyprus in 1993 with headquarters in Nicosia. Its financial services are focused on corporate and private banking for both domestic and international clients.

Societe Generale Bank Cyprus has a network of branches around Cyprus in Nicosia, Larnaca, Paphos and Limassol and draws on thirty years of experience in global banking as part of the Societe Generale International Group.

Foreign investors are typically assigned to the International Business Unit (IBU) to open a bank account which is located in Nicosia.

 

National Bank of Greece (Cyprus)

 

National Bank of Greece (NBG) (Cyprus) Ltd was first established as a separate legal entity in Cyprus in 1994. Its headquarters is in Nicosia and has a network of 9 branches across the island of Cyprus while maintaining 250 staff.

NBG (Cyprus) Ltd offers financial products and services such as corporate banking, solutions for SMEs and Entrepreneurs, retail banking and international business banking. Since 2011 NBG (Cyprus) Ltd has established a Representative Office in Moscow.

NBG (Cyprus) Ltd is part of the NBG Group which was established in Greece in 1841 and owns subsidiaries in Albania, Bulgaria, North Macedonia, Romania, Malta, Serbia and South Africa.

Foreign investors are typically assigned to the International Business Unit (IBU) for the region in which they open a bank account: these are in Nicosia and Limassol.

 

Alpha Bank (Cyprus) Ltd

 

Alpha Bank Cyprus Ltd was established in 1998, following the 100% acquisition of Lombard Natwest Bank’s shares, and offers financial products and services such as retail, corporate and international banking.

Alpha Bank Cyprus Ltd is part of the Alpha Bank Group which is one of Greece’s largest banking groups. 

Alpha Bank Cyprus Ltd has 22 branches in Nicosia, Limassol, Larnaca and Paphos, and is headquartered in Nicosia.

Foreign investors are typically assigned to the International Banking Services Unit (IBSU) for the region in which they open a bank account: these are in Nicosia, Larnaca and Limassol.

 

Branches of Foreign Banks

 

Arab Jordan Investment Bank

 

Arab Jordan Investment Bank (AJIB) is one of Jordan’s leading investment banks. AJIB Cyprus Branch was established in Cyprus in 1998.

AJIB Cyprus Branch offers both corporate and retail banking services and has offices in Nicosia and Limassol.

Arab Jordan Investment Bank SA participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Bank of Beirut SAL

 

Bank of Beirut is one of the largest banks in Lebanon. Bank of Beirut operates as a universal bank at its domestic market offering retail and corporate banking products and services.

Bank of Beirut SAL operates as a branch of Bank of Beirut S.A.L. (Lebanon) in Limassol since 2002 and is regulated by the Central Bank of Cyprus.

Bank of Beirut SAL participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

BankMed SAL

 

BankMed was first established in 1994 as a credit institution called “Banque Naaman et Soussou.” Today BankMed operates as a universal bank, providing a broad range of retail, private, corporate and investment banking products and services.

BankMed SAL operates as a branch of Bankmed S.A.L. (Lebanon) in Limassol since 2007 and is regulated by the Central Bank of Cyprus.

BankMed SAL participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Banque BEMO SAL

 

Banque BEMO is a commercial bank that provides private banking, corporate banking and treasury and capital markets solutions to private individuals, families, medium and large-sized local companies, banks and financial institutions.

BANQUE BEMO SAL operates as a branch of Banque Bemo S.A.L. (Lebanon) in Limassol since 1996 and is regulated by the Central Bank of Cyprus.

BANQUE BEMO SAL participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Banque SBA

 

Banque SBA was founded in 1978 and specializes in the areas of trade finance and asset management with the focus on the Middle East. It is based in Paris, France, with branches in Limassol, Cyprus and in Geneva, Switzerland.

Banque SBA operates as a branch of Banque SBA (France) in Limassol since 1986 and is regulated by the Central Bank of Cyprus.

Banque SBA participates in deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

BBAC SAL

 

Bank of Beirut and the Arab Countries (BBAC) was founded in 1956 to cover Lebanon’s need for a new kind of banking services and practices. BBAC provides a full range of retail, private, corporate and investment banking products and services to individuals and legal entities.

BBAC SAL operates as a branch of BBAC S.A.L. (Lebanon) in Limassol since 1985 and is regulated by the Central Bank of Cyprus.

BBAC SAL participates in deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

BLOM Bank SAL

 

BLOM Bank was founded in 1951 is one of the largest banks in Lebanon. It offers products and services in many areas such as commercial banking, corporate banking, private banking, investment banking, asset management and retail banking.

BLOM Bank SAL operates as a branch of BLOM Bank S.A.L. (Lebanon) in Limassol since 1993 and is regulated by the Central Bank of Cyprus.

BLOM Bank SAL participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

BYBLOS BANK SAL

 

Byblos Bank, established in 1963, is a Lebanese full-service financial institution focused on the domestic and selected regional markets. It offers a wide range of banking products and services and through its overseas subsidiaries, also conducts commercial banking and other financial activities in Europe and the MENA region.

Byblos Bank SAL operates as a branch of Byblos Bank S.A.L. (Lebanon) in Limassol since 2006 but was originally established in Cyprus in 1984 as Byblos’ Bank International Banking Unit (IBU).

Byblos Bank SAL participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Central Cooperative Bank PLC

 

Central Cooperative Bank is a Bulgarian universal bank which belongs to the financial structure of CCB Group EAD.  It provides a full range of banking products and services with an emphasis on SME lending and retail banking.

Central Cooperative Bank PLC operates as a branch of Central Cooperative Bank AD (Bulgaria) in Nicosia since 2006 and is regulated by the Central Bank of Cyprus.

Central Cooperative Bank PLC participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Credit Libanais SAL

 

Credit Libanais was established in as a Lebanese joint stock company. Credit Libanais provides a broad range of financial solutions in retail, corporate, investment and Islamic banking, leasing, micro-finance, insurance as well as SMEs funding.

Credit Libanais – Limassol branch was established initially as International Banking Unit (IBU) in 1984. The Credit Libanais SAL branch became fully operational in 2006. The Limassol branch offers commercial, financial, national and international banking operations. It is regulated by the Central Bank of Cyprus.

Credit Libanais SAL participates in deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

EFG Bank Luxembourg S.A.

 

EFG Bank is a former start-up that has grown and developed into a global bank. EFG Bank Cyprus offers a wide range of products and services in corporate and investment banking, private banking and international business banking.

EFG Bank (Luxembourg) S.A., Cyprus branch became operational in Nicosia, Cyprus in 2015 as it was announced at Annual General Meeting 2015 of EFG international in Zurich. The Central Bank of Cyprus regulates the Cyprus branch.

EFG Bank (Luxembourg) S.A. participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Fibank Ltd

 

First Investment Bank (Fibank) was founded in 1993 in Sofia, Bulgaria. Fibank is a credit institution offering a broad range of products and services to both individual and corporate clients.

Fibank Ltd Cyprus branch became operational in Nicosia, Cyprus in 1997 and is regulated by the Central Bank of Cyprus.

First Investment Bank Ltd participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

IBL BANK SAL

 

Intercontinental Bank of Lebanon (IBL Bank) was founded in 1961 and provides a broad range of retail and corporate banking products and services to natural persons and businesses.

IBL BANK SAL operates as a branch of IBL BANK S.A.L. (Lebanon) in Limassol since January 2009 and offers all traditional banking services such as credit facilities, trade finance and acceptance of deposits in all major currencies. It is regulated by the Central Bank of Cyprus.

IBL BANK SAL participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Jordan Ahli Bank PLC

 

Jordan Ahli Bank is a Jordanian institution founded in 1955, headquartered in Amman. It has operations in Lebanon, Palestine, and Cyprus. It is a commercial bank, providing retail, private, corporate and investment banking products and services to its domestic customers and internationally.

Jordan Ahli Bank plc operates as a branch of Jordan Ahli Bank (Jordan) in Limassol since 1985 with a license from the Central Bank of Cyprus, operating under its regulations and supervision.

Jordan Ahli Bank plc participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Jordan Kuwait Bank PLC

 

Jordan Kuwait Bank (JKB) is a universal commercial bank, established in 1976, that provides retail, private, corporate and investment banking products and services to its domestic customers and internationally.

JKB established Jordan Kuwait Bank –Cyprus Branch in Cyprus in 2001 under license by the Central Bank of Cyprus as an International Banking Unit. Jordan Kuwait Bank PLC operates as a branch of Jordan Kuwait Bank (Jordan) since 2006 in Limassol regulated by the Central Bank of Cyprus.

The Cyprus branch offers commercial and private banking services such as short- and long-term lending, deposit keeping, trade finance services, and investment activities to high-net-worth clients of JKB.

Jordan Kuwait Bank PLC participates in the deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

 

Lebanon and Gulf Bank SAL

 

Lebanon and Gulf Bank (LGB Bank) was established in 1963 and is headquartered in Beirut, Lebanon. LGB Bank focuses on providing personal and business banking products and services to Lebanese and regional customers. It operates 18 branches around Lebanon and has branches in Cyprus and in Dubai.

Lebanon and Gulf Bank SAL operates as a branch of Lebanon and Gulf Bank S.A.L. (Lebanon) in Larnaca since 1987 and is regulated by the Central Bank of Cyprus.

Lebanon and Gulf Bank SAL participates in deposit guarantee scheme of Cyprus. This scheme covers accounts up to €100,000 per bank per depositor.

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