The Central Bank of Cyprus has granted a license to the Russian Bank Zenit (Open Joint Stock Company) to establish and operate a representative office in Cyprus.
Bank Zenit, established in December 1994, is the parent of the Zenit Banking Group which comprises five banks incorporated in the Russian Federation that provide a range of corporate, investment, private and retail banking services.
The CBC noted that according to the provisions of the Law, a Representative Office of a foreign credit institution operating in Cyprus, is an office from which the interests of the institution to which it belongs are promoted or assisted but at which no business of a credit institution is carried on.
The above representative office is, therefore, not considered to be an authorised credit institution.
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