Cyprus welcomes Gazprombank operations

The presence of Russian Gazprombank in Cyprus constitutes a milestone in the island's position as a regional and international financial centre, President Demetris Christofias said on Thursday evening.
Addressing a charity event on the occasion of the commencement of its operations in Cyprus, President Christofias said ''the choice of Gazprombank, the second largest bank of the Russian Federation, to expand its client business on securities markets, under the current difficult worldwide economic situation, bears testimony to the sound policies of our Government.''
''The measures taken by the Government have enhanced Cyprus’s position as a regional and international financial centre, offering significant advantages to investors,'' he added, pointing out that ''the presence of Gazprombank in Cyprus constitutes a milestone in this effort''.
The President also noted that ''Gazprombank’s presence in Cyprus is also a clear manifestation of the very close ties of our two countries, which have been built throughout past decades on the basis of principles, common outlook on international problems and on the continuous support that the Russian Federation has been providing to Cyprus, at various fora, for the just solution of our political problem.''
He recalled that the Cypriot government's commitment has been ''to offer political and financial stability and to maintain a favourable business environment.''
''It has also been our Government’s commitment to maintain and improve even further our transparent legal system and the rule of law, offering a sound basis for business activities,'' he said.
Concluding, President Christofias said that ''businesses activities are supported in our country through the very high level of professional services in the areas of accounting, auditing as well as legal services, a fact which is reflected on the rich human capital endowment of the island.''