EFG Bank Receives Cypriot Banking Licence
The Central Bank of Cyprus, acting under the provisions of section 4 of the
Banking Law of 1997, has granted a banking business licence to Eurobank EFG
Cyprus Ltd, a subsidiary of EFG Eurobank Ergasias S.A. which is based in Greece.
EFG Eurobank Ergasias SA (Eurobank EFG) was established in 1990 in Greece, and is an international banking organisation with a presence in ten countries.
It employs around 22,000 employees, and it offers its services and products
through a network of 1,500 branches and other points of sale. Eurobank EFG is
part of the EFG Bank European Financial Group which is based in Geneva, Switzerland. In Cyprus, Eurobank EFG Cyprus Ltd will offer investment banking, corporate
banking, international business banking and private banking services. Eurobank EFG has operated in Cyprus since July 2007, through a branch - the business
and operations of which will now be transferred to Eurobank EFG Cyprus Ltd. Eurobank EFG Cyprus Ltd will be subject to the supervision and inspection of
the Central Bank of Cyprus, as well as to the supervision of the Bank of Greece,
on a sub-consolidated basis, and will be subject to the consolidated supervision
of the EFG Group, by the Swiss Federal Banking Commission. At present, 34 foreign credit institutions from 14 different countries (Austria,
Bulgaria, France, Greece, Ireland, Jersey, Jordan, Latvia, Lebanon, Romania,
Russia, Tanzania, Ukraine and the United Kingdom), operate in Cyprus, either
in the form of a subsidiary bank or branch. A comprehensive report in our Intelligence Report series examining offshore banking jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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