Atlasmont Banka to open Rep office in Cyprus

The Central Bank of Cyprus, acting under section 8 of the Banking Law (Law 66(I) of 1997 as subsequently amended), granted on 14 May 2008 an approval to Atlasmont Banka A.D. of Montenegro for the establishment of a Representative Office in Cyprus.

Atlasmont Banka A.D. of Montenegro operates as a commercial bank since 2002, with 19 branches in Montenegro and a Representative Office in Russia. Atlasmont Banka is the 6th largest bank out of 10 banks operating in Montenegro.

It should be noted that, according to the provisions of the Banking Law, a Representative Office of a foreign bank operating in Cyprus is not considered to be a bank, but an office from which the interests of the entity to which it belongs are promoted or assisted and at which no banking business or the business of accepting deposits is carried on.

The Representative Office of Atlasmont Banka will be the third Representative Office of a foreign bank operating in Cyprus.