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Banks in Cyprus

Banks in Cyprus

After the financial crisis that faced Cypriot banks in 2013 and the tough austerity measures that were implemented by the EU, Cyprus has shown remarkable resilience and has reclaimed its status as a thriving economy. The economy was restructured and diversified in order to be able to exit the economic adjustment program earlier than scheduled. Economic growth has exceeded all expectations and Cyprus has successfully recovered from the €10 billion bailout deal and the bail in of bank deposits that was imposed. The International lenders issued some harsh terms which Cyprus followed under tough supervision managing to introduce some serious reform programs to correct the weaknesses in its financial system. Recapitalization of the banking sector has passes rigorous ECB stress tests and solvency and liquidity in the banking system has improved dramatically by more than €3 billion in 2017 which has followed with the full repayment of the Emergency Liquidity Assistance. Following the tough austerity measures, Cyprus has continued on a solid growth path and is now one of the fastest growing Eurozone economies with strong fiscal performance and new large scale projects that are scheduled to improve the economy even further. As of July 2018 Cyprus, was ranked one notch below investment grade by Standard & Poor’s and Fitch Ratings.

The economy of Cyprus is built on the service sector which includes tourism, financial services and real estate. These services account for over 80% of the total GDP and employment. With an impressive growth rate of 3.9% in 2017, which exceeded the EU average, Cyprus is set to show even further increases in 2018 and 2019. These increases are predicted due to the strong private demand which is spurred on by expanding employment and record tourism arrivals. More than half of Cyprus’ trade is done with the EU and the country has achieved record numbers in recent years both in exports and services.

One of the largest banks in Cyprus, Hellenic Bank, has recently taken control of the state owned Cyprus Cooperative Bank. This acquisition is set to accelerate the banks holding in Cyprus with a diversified customer base. The expansion will establish Hellenic Bank as the leading bank in Cyprus. Before the end of 2018, it is expected that over 100 branches of the Cyprus Cooperative Bank will be closed and Hellenic bank aims to consolidate these branches into their existing infrastructure. With this acquisition Hellenic Bank has a record breaking 550,000 customers island wide. Bank of Cyprus has the lion’s share of all deposits with 30% which is followed by Hellenic Bank with 22% which it now owns after acquiring the CCB’s share.

There are 28 foreign banks operating in Cyprus.

Subsidiaries of Foreign Credit Institutions from E.U. Member States

Αlpha Bank Cyprus Ltd

Eurobank Cyprus Ltd

National Bank of Greece (Cyprus) Ltd

Subsidiaries of Foreign Credit Institutions from non E.U. Member States

Societe Generale Bank-Cyprus Limited

USB Bank Plc

Branches of Foreign Credit Institutions

AS Expobank

Banque SBA

Central Cooperative Bank PLC

EFG Bank (Luxembourg) S.A.

First Investment Bank Ltd

National Bank of Greece S.A.

Branches of Foreign Credit Institutions from non E.U. Member States

Arab Jordan Investment Bank SA

Bank of Beirut SAL

BankMed s.a.l.

Banque BEMO SAL

BBAC SAL

BLOM Bank SAL

Byblos Bank SAL

Credit Libanais SAL

IBL Bank sal

Joint-stock company AVTOVAZBANK

Jordan Ahli Bank plc

Jordan Kuwait Bank PLC

Lebanon and Gulf Bank SAL

Promsvyazbank PJSC

Public Joint-Stock Company Commercial Bank "Privatbank"

Representative Offices

Atlasmont Banka A.D

JSC Bank of Georgia

Banks incorporated in Cyprus

Alpha Bank Cyprus (Subsidiary of Alpha Bank)

Ancoria Bank

AstroBank

Bank of Cyprus

Cyprus Cooperative Bank

Cyprus Development Bank

Eurobank Cyprus

Hellenic Bank

Housing Finance Corporation

National Bank of Greece (Cyprus)

RCB Bank

Societe Generale Bank (Cyprus) (Subsidiary of Société Générale)

USB Bank

Branches of foreign banks in Cyprus

Arab Jordan Investment Bank

Avtovazbank

ABLV Bank

Bank of Beirut

BankMed

Banque BEMO

Banque SBA

Barclays

BBAC

BLOM Bank

Byblos Bank

Central Cooperative Bank

Credit Libanais

EFG Bank (Luxembourg)

Expobank[clarification needed]

FBME Bank

First Investment Bank

IBL Bank

Jordan Ahli Bank

Jordan Kuwait Bank

Lebanon & Gulf Bank

National Bank of Greece

BNP Paribas

Piraeus Bank

PrivatBank

Promsvyazbank

Saxo Bank

Trasta Komercbanka

VTB Bank

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