Banks/Banking in Cyprus
Cyprus is segmented into two distinct areas and both are focused towards up-to-date banking methods such that it offers the best service to its clients. Banks in Cyprus are run as per the British standards and the transactions are comfortably carried in Euros as well as other foreign currencies.
The two commercial banks include TRNC, the Turkish Republic of Northern Cyprus and the local banks. The Central Bank is responsible for credit, monetary and exchange policy, besides acts as a government’s banker.
Banking in Cyprus is flexible as they accept credit and debit cards. The banking services include leasing, factoring, insurance, hire purchase finance, investment, mutual fund management and consulting.
Banks in Cyprus are facilitated with electronic means and accessing internet banking has widely increased. TRNC offers the non-residents investment opportunities and offers the benefit of offshore banks.
Banks in Cyprus
The Banks in Cyprus include Central Bank of Cyprus and the commercial banks include Hellenic Bank, Bank of Cyprus, Laiki Bank and Universal Bank. The foreign banks in Cyprus are BNP Paribas, National Bank of Greece, Alpha Bank, Barclays, Russian Commercial Bank, and more. Apart from these banks, there are major local as well as international banks having branches.
The recent years have shown great advantages in the activities of banking in Cyprus as they offer beyond traditional banking services that includes leasing, insurance, factoring, hire purchase finance, investment, consulting, mutual fund management and asset management services. There are new and well-developed services offered through electronic means using distribution channels such as call centers and the internet.
There are offshore banks located outside the country and includes lending, financial services and foreign transactions. The benefit of offshore banks is they are economically and politically stable and also extend the trade and banking services to non-residents, besides promoting international financial centre. Being the least taxed nations the offshore or onshore business centre is incredible. Owing to this and because it is an EU member offshore banking is a reputable and regulated.
Bank of Cyprus shares show that it is the largest company listed on the Cyprus stock exchange and the market capitalization is held widely. This comprises of 10 large companies and Bank of Cyprus is also on the Athens Stock Exchange list.