Banking and Financial Services

The Cyprus banking and financial services sector is diverse, comprising of the domestic banks, the co-operative credit institutions (CCIs), the former international banking units (IBUs), insurance companies, and other companies that offer financial intermediation services.

There are many foreign banks from the Middle East, Europe, Africa and Asia that operate as subsidiaries, branches or representative offices in Cyprus.

• All banks maintain correspondent networks around the world and subscribe to SWIFT, Reuters, Telerate and other services
• In 2009, Financial Intermediation services accounted for 9% of GDP
• The Cyprus banking sector operated almost 920 branches and employed over 12,500 people in 2009
• At the end of 2009, the banking sector held almost 45.4 billion Euros in deposits and loaned over 46.6 billion Euros
• The banking sector operates 17 local banks and 33 international banks
• The Cyprus banking and Financial Services sector is consisting of the domestic banks, the Co-operative Credit Institutions (CCIs), the former International Banking Units (IBUs), insurance companies and other companies that offer financial intermediation services
• Many opportunities exist in financial products and services such as fund registration, administration and management

• Four local banks listed on the Cyprus Stock Exchange
• Nine subsidiaries of foreign banks
• Four other banks
• Two companies licensed to conduct limited banking operations
• Eight branches of banks of European Union countries
• Sixteen branches of banks of countries other than the European Union
• Two representative offices

• The Central Bank of Cyprus, an autonomous institution established in 1963, is the supervising authority of the banking system in Cyprus
• The Central Bank of Cyprus follows the Basel Committee and European Union banking regulation directives. In January 2008, the Central Bank of Cyprus was integrated into the Eurosystem under the European Central Bank
• The Cyprus Securities and Exchange Commission
• The Co-operative Credit Societies’ Supervision and Development Authority
• The Commissioner of Insurance Companies (Ministry of Finance)
• Insurance Services Law
• Authority for the Supervision of Pension Funds (Ministry of Labour and Social Insurance)
• Cyprus has adopted International Financial Reporting Standards over three decades and has passed Anti Money Laundering legislation (Law188(I)/2007)
• MiFiD
• Transparency Law
• Anti Money Laundering Law

• Association of Cyprus Commercial Banks (ww.accb.com.cy)
• Association of International Banks
• Insurance Association of Cyprus (www.iac.org.cy)

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