Intercontinental Bank of Lebanon to open branch in Cyprus

The Central Bank of Cyprus has granted a banking business licence to Intercontinental Bank of Lebanon, SAL to carry out banking business in Cyprus through a branch.

Intercontinental Bank of Lebanon was established in 1961 under the name Development Bank SAL and the bank’s name was changed to the current in 1982. It provides a full range of banking services, has a network of 13 branches in Lebanon and two representative offices abroad and ranks 13th in terms of total assets, among all banks in Lebanon.

Intercontinental Bank of Lebanon SAL’s 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, said an announcement issued by the Central Bank of Cyprus.

At present, eight other Lebanese banks operate branches in Cyprus, while the total number of foreign banks that operate a subsidiary or a branch is currently 34 from 14 countries or jurisdictions – Austria, Bulgaria, France, Greece, Ireland, Jersey, Jordan, Latvia, Lebanon, Romania, Russia, Tanzania, Ukraine and the United Kingdom.