Eurobank EFG Cyprus receives official licence

The Central Bank of Cyprus granted on 4 February 2008 a banking business licence to “Eurobank EFG Cyprus Ltd”, a subsidiary of “EFG Eurobank Ergasias S.A.” which is based in Greece.

EFG Eurobank Ergasias SA was established in 1990 in Greece and it is an international banking organisation with a presence in ten countries.  It employs around 22.000 employees, and it offers its services and products through a network of 1.500 branches and other points of sale.  Eurobank EFG is part of the EFG Bank European Financial Group which is based in Geneva, Switzerland.

In Cyprus, Eurobank EFG Cyprus Ltd will offer investment banking, corporate banking, international business banking and private banking services.

Eurobank EFG operates in Cyprus since July 2007, through a branch the business and operations of which will now be transferred to Eurobank EFG Cyprus Ltd.

Eurobank EFG Cyprus Ltd will be subject to the supervision and inspection of the Central Bank of Cyprus as well as to the supervision of Bank of Greece, on a sub-consolidated basis and will be subject to the consolidated supervision of the EFG Group, by the Swiss Federal Banking Commission.

At present, 34 foreign credit institutions from 14 different countries (Austria, Bulgaria, France, Greece, Ireland, Jersey, Jordan, Latvia, Lebanon, Romania, Russia, Tanzania, Ukraine and the United Kingdom), operate in Cyprus, either in the form of a subsidiary bank or branch.