The Cypriot government announced last week that Governor of the Central Bank of Cyprus, Christodoulos Christodoulou on Tuesday granted a banking business licence to BNP Paribas Cyprus Ltd, a wholly owned subsidiary of France's BNP Paribas SA.
According to a government statement, BNP Paribas Cyprus will take over the assets, liabilities and business operations of the existing branch of Banque Nationale de Paris Intercontinentale SA, and will primarily deal with non-residents of Cyprus, both located in the jurisdiction and abroad.
However, the international banking unit (IBU) will be permitted to offer medium to long term foreign currency lending to Cyprus residents, as part of the liberalisation of the country's financial system.
The government last week welcomed the bank's decision to establish a presence in Cyprus, citing it as:
'Another indication of our country's success in attracting international banks and financial institutions as a result of Cyprus' international recognition as a reputable regional banking/financial centre, and of the business opportunities which are expected to arise from the forthcoming full integration of Cyprus to the European Union.'
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