Gazprombank affiliated company granted CIF license

The Cyprus Securities and Exchange Commission has approved the application of a company affiliated to Gazprombank, the second largest bank in Russia, to obtain a Cypriot Investment Firms (CIF) license, in order to carry out investment activities in Europe through Cyprus.

Chairman of the Commission George Charalambous told CNA after a meeting on Monday that the affiliated company, named ''GPB Financial Services Cyprus Ltd'' is now listed in the group of affiliated companies of the largest Russian banking organisations that have already received a CIF license and are doing business in Cyprus and are seeking a presence in Europe through Cyprus.

He said this upgrades Cyprus' prestige and enhances efforts to establish Cyprus as a financial centre, adding that it will create more jobs in Cyprus and the government will have a significant income from taxes, if the companies make huge profits.

Charalambous noted that the licenses faciliate Russian companies to make investments in the EU.

He added that GPB Financial Services Cyprus Ltd has been registered as a company in Cyprus and had applied for a CIF license in the summer of 2009.