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Credit Institutions in Cyprus
The banking sector in Cyprus, comprising local banks, subsidiaries and branches of foreign banks, is regulated, supervised and monitored by the Central Bank of Cyprus (CBC). By law, the Central Bank’s main objectives are to preserve stability in the financial sector, maintain price stability, foster economic growth, minimize systemic risk and protect depositors. In its supervisory role, the Central Bank has always been guided by the recommendations of the Basel Committee on Banking Supervision and it implements the EU’s Directives on banking regulation.
The main functions of the CBC are:
• The possession and management of reserves in euros in cooperation with the European Central Bank
• The possession and management of foreign exchange
• The supervision of banks based on the Capital Requirements Directive
• The promotion, regulation and oversight of the smooth operation of payment and settlement systems
• The performance of the tasks of banker and financial agent of the government and participation as a member in international monetary and economic organisations.
Recent credit rating upgrades and positive bank results have marked an end to a period of prolonged uncertainty in Cyprus’ banking sector. Today, the situation is stable and trust in the country’s banks has been further boosted by successful sovereign bond issues and the lifting of all capital controls.
In October 2014, Bank of Cyprus, Hellenic Bank, the Cooperative Central Bank and RCB Bank passed the ECB’s stress tests. The first two had previously been recapitalised by substantial foreign investment.
- Ancoria Bank Ltd
- Bank of Cyprus Public Company Ltd
- Cyprus Development Bank Public Company Ltd
- Hellenic Bank Public Company Ltd
- Housing Finance Corporation
- RCB Bank Ltd
- Cooperative Central Bank Ltd
- Allileggyis Cooperative Credit Society Ltd
- Cooperative Credit Society Kokkinochorion Ltd
- Cooperative Credit Society "Ledra" Ltd
- Cooperative Credit Society Strovolou Ltd
- Cooperative Savings Society Lemesou Ltd
- Cooperative Savings Society Nicosia Ltd
- Cyprus Civil Service Cooperative Building Society and Savings Bank Ltd
- Cyprus Educational Cooperative Savings Society Ltd
- Cyprus Police and Military Cooperative Savings Society Ltd
- Famagusta-Larnaca Cooperative Savings Society Ltd
- Lakatamia-Dheftera Cooperative Credit Society Ltd
- Makrasyka-Larnaka-District of Famagusta Cooperative Credit Society Ltd
- Paphos Cooperative Savings Society Ltd
- Periferiaki Cooperative Credit Society Lefkosias Ltd
- Periferiaki Limassol Cooperative Credit Society Ltd
- Tamassos-Orinis and Pitsilias Cooperative Credit Society Ltd
- Telecommunications, Energy and Banks Employees Cooperative Savings Society Ltd
- Troodos Cooperative Credit Society Ltd
- Αlpha Bank Cyprus Ltd
- Eurobank Cyprus Ltd
- National Bank of Greece (Cyprus) Ltd
- Piraeus Bank (Cyprus) Ltd
- Societe Generale Bank-Cyprus Limited
- USB Bank Plc
- Alpha Bank A.E.
- AS Expobank
- Banque SBA
- Barclays Bank PLC
- Central Cooperative Bank PLC
- EFG Bank (Luxembourg) S.A.
- First Investment Bank Ltd
- Joint Stock Company “Trasta Komercbanka”
- National Bank of Greece S.A.
- Saxo Bank A/S
- Arab Jordan Investment Bank SA
- Bank of Beirut SAL
- Bank Meds.a.l.
- Banque BEMO SAL
- BBAC SAL
- BLOM Bank SAL
- Byblos Bank SAL
- Credit Libanais SAL
- FBME Bank Ltd
- IBL Bank SAL
- Jordan Ahli Bank PLC
- Jordan Kuwait Bank PLC
- Lebanon and Gulf Bank SAL
- Open joint-stock company AVTOVAZBANK
- Promsvyazbank PJSC
- Public Joint-Stock Company Commercial Bank "Privatbank"
- Atlasmont Banka A.D
- Bank Zenit (Open Joint Stock Company)