Bank of Cyprus has completed the process of absorbing residual balance of Cyprus Popular Bank, which was a significant step in the restructuring of the largest credit institution on the island. Read more »
Experts have warned that if the recession may be even more dramatic, as in their calculations, they do not take into account the impact on the economy imposed by the government in mid-March tough measures to limit both domestic and international banking operations and the impact of the consolidation of the leading banks in the country and in general loss of confidence in the financial sector of Cyprus. Read more »
The European Commission approved a new program, whose purpose to stimulate the growth of the Cyprus economy and make use of the country funding from the European Regional Development Fund more effective. Read more »
On May 13th, the European Union has approved a first tranche of international financial assistance to Cyprus in the amount of 2 billion euros, since all the conditions for the first tranche were met. It is expected that this money will be spent on debt service in Cyprus and fiscal consolidation. Read more »
Cyprus removed restrictions on banking operations of four foreign banks, including two Russian – OJSC Promsvyazbank and Russian Commercial Bank (Cyprus), and Lebanese Gulf Bank BLOM Bank, according to a message of the Ministry of Finance of Cyprus. Read more »
Barclays Plc. – is one of the largest in the UK and the world financial groups with a wide network of subsidiaries, branches and offices in Europe, USA and Asia. The operating activities of the Group are implemented through its subsidiary Barclays Bank PLC. Read more »
PromSvyazBank (rus. – ПромСвязьБанк) is one of the largest banks in Russia with headquarters in Moscow. PSB – one of the leading Russian private banks in Russia, is in the top 10 credit organizations in the country in terms of assets. Read more »
Societe Generale Bank – Cyprus Limited was one of the first international banks have opened representative office in Cyprus in 1985. Read more »
National Bank of Greece – one of the largest and strongest financial services companies in South-Eastern Europe, is present in Cyprus since 1910. Read more »
Russian Commercial Bank Cyprus is member of the VTB Group, which is present in more than 20 countries and is the world’s largest Russian financial group, managed by VTB Bank, one of the leading Russian banks with the principal owner of Government of the Russian Federation. Read more »