List of Banks in Cyprus: Understanding the Local Banking Scene

Cyprus has a well-developed banking system with a mix of local and international banks.

The island nation is home to a total of 17 licensed banks, ranging from small, family-owned institutions to large, multinational banks.

Bank of Cyprus is one of the largest banks in the country, with a long history dating back to 1899.

Hellenic Bank, on the other hand, is a smaller bank that has been operating in Cyprus since 1875.

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Cyprus has a diverse range of banks, including the Bank of Cyprus, Hellenic Bank, and the Cyprus Development Bank, as well as numerous branches of foreign banks.

The largest banks in Cyprus include the Bank of Cyprus, Hellenic Bank, and the Cyprus Development Bank, which offer a wide range of financial products and services.

Here's a list of some of the major banks in Cyprus:

These banks are overseen by the Central Bank of Cyprus, which ensures their stability and security.

Commercial banks play a significant role in the Cypriot economy, and there are many to choose from.

Alpha Bank Cyprus Ltd, with its SWIFT code ABKLCY2NXXX, is one of the major commercial banks in Cyprus.

Ancoria Bank Ltd, on the other hand, has a SWIFT code of ANCOCY2NXXX and is owned by Sievert Larsson.

Astrobank Public Company Ltd, with its SWIFT code PIRBCY2NXXX, is another notable commercial bank in Cyprus, owned by Holding M. Sehnaoui S.A.L.

Bank of Cyprus Public Company Ltd, with its SWIFT code BCYPCY2N030, is the largest bank in Cyprus, owned by Lamesa Investments Ltd.

Cyprus Development Bank Public Company Ltd, with its SWIFT code CYDBCY2NXXX, is owned by Path Holdings Ltd and is a significant player in the Cypriot banking sector.

Eurobank Cyprus Ltd, with its SWIFT code ERBKCY2NXXX, is owned by Eurobank Ergasias S.A. and offers a wide range of banking services.

Hellenic Bank Public Company Ltd, with its SWIFT code HEBACY2NXXX, is also owned by Eurobank Ergasias S.A. and provides various banking services to individuals and businesses.

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Here is a list of major commercial banks in Cyprus, along with their SWIFT codes:

Cyprus has a small but stable banking sector, with a mix of universal, retail, and corporate banks.

To open a bank account in Cyprus, you'll usually need to provide your passport or valid ID card, as well as proof of address in Cyprus or your home country.

Some banks may also ask for a reference from your bank in your home country, along with information on why you need the account and your expected income.

Not all banks accept online applications, especially if you're not a Cypriot citizen or resident.

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There are several foreign banks with branches in Cyprus, including Arab Jordan Investment Bank (AJIB-CY) and Banque SBA Cyprus.

Here are some notable foreign banks with branches in Cyprus:

Other notable banks in Cyprus include AstroBank Ltd, Ancoria Bank Ltd, Barclays, BBVA, Deutsche Bank, HSBC, and UBS.

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The Cypriot banking sector is small but relatively stable, despite a major financial crisis back in 2013.

Opening a bank account in Cyprus is pretty much the same as in other countries, although not all banks accept online applications, especially if you're not a Cypriot citizen or resident.

You'll usually need to provide your passport or valid ID card, as well as proof of address in Cyprus or your home country, such as a recent utility bill.

Some banks may also ask for a reference from your bank in your home country, along with information on why you need the account and your expected income.

There are a few fees to watch out for when having a Cypriot bank account, including a small monthly maintenance fee and charges for using another bank's ATM.

Here's a quick breakdown of the typical documents needed to open a bank account in Cyprus:

Central banks play a crucial role in regulating banking and financial services. They are responsible for implementing monetary policy.

Their primary goal is to maintain financial stability. This includes supervising and regulating financial institutions to prevent any potential threats.

Established in the 1960s, central banks have a long history of governance. The Central Bank of Cyprus, for example, was established in 1963.

A five-member board typically governs central banks, appointed by the President of the Republic. This board makes key decisions regarding monetary policy.

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Cyprus has established itself as a hub for offshore banking and international business transactions due to its strategic location and stable economy.

Several foreign banks operate in Cyprus, offering a range of banking services like savings accounts, loans, mortgages, and investment services.

These banks play a significant role in the economic development of Cyprus and contribute to the growth of the country's financial sector.

Foreign banks with branches in Cyprus are drawn to the island nation's favorable tax policies.

Here are some of the foreign banks operating in Cyprus, listed by location:

Cyprus has a diverse banking system with several major players. The Bank of Cyprus holds the top spot with assets of EUR 22.071 billion.

According to the Central Bank of Cyprus, the top three foreign banks in Cyprus based on assets are Bank of Cyprus, Hellenic Bank, and Alpha Bank Cyprus. These banks have a significant presence on the island and offer a wide range of banking services.

Bank of Cyprus is the largest bank in Cyprus, with a total of EUR 17.1 billion in assets as of December 2020. Hellenic Bank comes in second with EUR 13 billion in assets, while Alpha Bank Cyprus has EUR 6.3 billion in assets.

Here is a list of the top 5 banks in Cyprus based on assets:

The top 9 banks in Cyprus, in no particular order, are Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, Alpha Bank Cyprus, AstroBank, Societe Generale Bank Cyprus, Ancoria Bank, Cyprus Development Bank, and National Bank of Greece (Cyprus).

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Bank services in Cyprus are quite comprehensive, offering a range of facilities to suit different needs.

Many banks in Cyprus provide online banking services, allowing customers to manage their accounts, pay bills, and transfer funds from the comfort of their own homes.

Some banks also offer mobile banking apps, making it easy to stay on top of finances on the go.

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Online banking has made banking in Cyprus more accessible and convenient for customers. By offering online banking services, banks are expanding their customer base and meeting the changing needs of their customers.

Some banks in Cyprus that offer online banking services include Bank of Cyprus, Hellenic Bank, RCB Bank, AstroBank, and Ancoria Bank. These banks have websites that customers can access to manage their accounts.

You can visit the websites of these banks, such as Bank of Cyprus at https://www.bankofcyprus.com.cy/en-gb/personal, Hellenic Bank at https://www.hellenicbank.com/personal, RCB Bank at https://www.rcbcy.com/en/personal, AstroBank at https://www.astrobank.com/en, or Ancoria Bank at https://www.ancoriabank.com/, to explore their online banking services.

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You can access banking services through various branches, including online, mobile, and physical locations. Online banking allows you to manage your accounts 24/7 from the comfort of your own home.

Some banks charge fees for certain services, such as ATM withdrawals or overdrafts. The fees can vary depending on the bank and the service used.

Many banks offer free ATM withdrawals at their own machines, but you may be charged a fee for using an out-of-network ATM. This can add up if you're not mindful of your spending.

Some banks also offer free overdraft protection, which can help you avoid fees when you accidentally overdraw your account. This service can be a lifesaver in an emergency.

In addition to fees, some banks may charge interest on outstanding balances or loans. This can increase your debt and make it harder to pay off your loans.

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The banking regulations in Cyprus are well-developed and aligned with international standards. The Central Bank of Cyprus (CBC) plays a crucial role in regulating and supervising banks in the country, ensuring they operate in a stable and sound manner.

The CBC is responsible for implementing policies that promote stability in the country's financial sector, and it also ensures that banks comply with regulatory requirements. To ensure sound banking practices, the CBC conducts regular on-site and off-site inspections of all banks in Cyprus.

Banks operating in Cyprus must also comply with EU banking laws, including the Single Supervisory Mechanism (SSM), which aims to ensure financial stability and prevent any potential risks to the Eurozone's financial system.

The Central Bank of Cyprus (CBC) is responsible for supervising and regulating the country's banking system.

The CBC ensures that banks in Cyprus comply with financial regulations and operate in a stable and sound manner.

It also sets minimum capital requirements for banks and conducts stress tests to assess their financial stability.

Banks in Cyprus must comply with EU banking laws, including the Single Supervisory Mechanism (SSM), which aims to ensure financial stability and prevent any potential risks to the Eurozone's financial system.

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The CBC conducts regular on-site and off-site inspections of all banks in Cyprus to monitor their operations and detect any potential risks or vulnerabilities.

The CBC also cooperates with international regulatory bodies, such as the European Banking Authority and the International Monetary Fund, to ensure that Cyprus's banking regulations align with international standards.

Foreigners and non-residents can open bank accounts in Cyprus with proper documentation such as a passport, ID, asylum confirmation, or alien registration certificate.

Cyprus has a well-established banking sector, with numerous banks operating on the island. The Bank of Cyprus, Hellenic Bank, and the Cyprus Development Bank are just a few examples of the many banks that call Cyprus home.

Foreigners and non-residents can open a bank account in Cyprus with proper documentation, making it a popular destination for international banking.