These days Cyprus is a prosperous banking and financial center. Only a few years after joining the EU (2008-2009), the banking system faced with a crisis. It led to the closure of a number of banking structures in Cyprus. However, the majority of banking institutions have successfully overcome these economic difficulties. Today, banks of Cyprus are high-security vault for the funds of companies and investors. They are focused on cooperative, universal, retail and corporate banking.
All of banking structures of Cyprus can be grouped broadly as national institutions and branches of foreign financial structures. The foreigners have ample opportunities to conduct business in Cyprus because of favorable fiscal and monetary policies in the country. Below we draw your attention to the top five biggest banks of Cyprus. Their activities illustrate that there is a strong and safe banking sector in the country.
Bank of Cyprus Public Company Ltd
Founded in 1899, Bank of Cyprus is the leading banking and financial structure in the country. Today, it ranks first in Cyprus in terms of total assets and has a significant market share in all business sectors. In 2018 its total assets were more than 22 million euros and its net income was about 105 million euros.
Bank of Cyprus is focused on universal banking. It offers a full range of personal and corporate financial services: retail and commercial banking, investment banking, brokerage, factoring, fund management, insurance, and private banking.
Moreover, Bank of Cyprus participates in deposit guarantee scheme of the country. But this scheme covers only accounts up to 100,000 euros per depositor.
Cyprus Development Bank Public Company Limited
Founded in 1963, the Cyprus Development Bank is one of the leading financial institutions in the country. Its headquarter is in Nicosia. It is focused on corporate and investment banking and products. The bank serves both Cypriot and international enterprises. It offers financial services and products to large corporates, international clients, institutional investors, pension funds and high net worth individuals.
The Cyprus Development Bank is involved in deposit guarantee scheme of the country (the scheme covers accounts up to 100,000 euros).
It has a subsidiary company, CDB GlobalCapital, that offers a full range of investment banking services. Fund management, brokerage, corporate advisory, flotation of companies and many other capital market services are among the main banking accommodations.
Cyprus popular Bank Public Co Ltd
The bank was established in 1901 as Popular Savings Bank of Limassol. At that time, it was the second largest bank in Cyprus. From 2006 to 2011 it was known as Marfin Popular Bank. In 2012 the Cyprus popular Bank collapsed. But the government of Cyprus rescued it by taking 84% ownership. Now it is a member of group Bank of Cyprus. The headquarter is located in Nicosia, the capital city.
It is focused on universal banking. It provides banking and financial services to individual and corporate customers in Cyprus, Greece and other countries.
The Cyprus popular Bank also participates in deposit guarantee scheme. The bank is also engaged in treasury and capital markets activities.
Hellenic Bank Public Company Ltd
Founded in 1976 with technical assistance from Bank of America, Hellenic Bank is one of the top biggest banks of Cyprus. It is also the second largest financial institution in terms of total assets. In 2018 its total assets were about 16,2 million euros and its net income was 320,05 million euros.
Like Bank of Cyprus, Hellenic Bank is focused on universal banking. Factoring, brokerage services, portfolio management, insurance, mutual funds, investment banking, private banking, and custodian services are among financial services of the bank.
Hellenic Bank is also engaged in deposit guarantee scheme that covers accounts up to 100,000 euros per depositor. It has representative offices in Ukraine, Russia, Greece and South Africa.
RCB Bank Ltd
Founded in 1995, RCB Bank (Russian Commercial Bank) ranks third largest bank of Cyprus in terms of total assets (more than 6 million euros in 2018). It has already been operating in the country for more than 20 years. In 2018 its net income was almost 99 million euros.
RCB Bank Ltd offers brokerage, corporate, investment and retail services. It serves local and international clients. Current, saving, time deposit (0.90 – 0.95 %) and investment accounts, corporate lending and trade finance are among the bank’s products.
RCB Bank Ltd is involved in deposit guarantee scheme of Cyprus too (the scheme covers accounts up to 100,000 euros per bank per depositor).
Also read about why is relocate to Cyprus is a good idea.