Lloyds TSB to set up branch in Cyprus

Lloyds TSB Offshore Limited” of Jersey has received a licence from the Central Bank of Cyprus to set up a branch here to carry on banking business in Cyprus, effective July 31, 2006 according to a Central Bank announcement.

Lloyds TSB was established in Jersey in 1969, and has changed its name to “Lloyds TSB Offshore Limited” in 2004. It is a member of “Lloyds TSB Group Plc” of the UK and provides a wide range of banking and investment services.

The branch of “Lloyds TSB Offshore Limited” in Cyprus will be subject to the supervision and inspection of both the Central Bank of Cyprus and the Jersey Financial Services Commission.

“Lloyds TSB Offshore Limited” is the first bank from Jersey which has been allowed to establish a branch in Cyprus. Its decision to establish a branch in Cyprus is another indication of our country’s success in attracting international credit institutions as a result of Cyprus’s international recognition as a reputable regional banking / financial centre, especially, after its accession to the European Union.

There are at present, 29 foreign credit institutions from 12 different countries (Austria, Bulgaria, France, Greece, Ireland, Jordan, Latvia, Lebanon, Russia, Tanzania, Ukraine and the United Kingdom), which operate in Cyprus either in the form of a subsidiary bank or branch.