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
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment