1 eurobank efg cyprus ltd june 2009 existing legislation of banking secrecy in cyprus
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Eurobank EFG Cyprus LtdEurobank EFG Cyprus Ltd
June 2009June 2009
Existing Legislation of Banking Secrecy in CyprusExisting Legislation of Banking Secrecy in Cyprus
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The Cyprus Banking Sector (1)The Cyprus Banking Sector (1)
• Two-tired system– Banks
– Co-Operative Credit Institutions
• 17 institutions incorporated in Cyprus
• 27 branches of foreign banks
• 25 banks service international business clients
• Intense competition
• Total Deposits of banking system as at 31/12/2008 – EUR 56 billion
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The Cyprus Banking Sector (2)The Cyprus Banking Sector (2)
• Experience in serving International Business Companies by banks for more than 20 years
• Continuous investment in technology by banks, especially in the last 5 years to improve products and quality of service
• Complete array of banking products and services
• Competition from other jurisdictions is fierce but the infrastructure in Cyprus allows it to act as a “one stop shop” for international business companies
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The Cyprus Banking Sector (3)The Cyprus Banking Sector (3)
• Cyprus has managed to tread the fine line between being an attractive tax jurisdiction for depositors, while complying with international rules designed to clamp down on tax havens. It is one of the jurisdictions that have substantially implemented the international agreed tax standard according to the OECD as per progress report made as at 2nd April 2009.
• Cyprus is emerging stronger from the current financial crisis as opposed to competing financial centers that are experiencing significant problems.
• The Central Bank of Cyprus is a strong and proactive regulator has been successfully regulating and supervising the banking sector.
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Existing Legislation of Banking SecrecyExisting Legislation of Banking Secrecy in Cyprus in Cyprus
• OECD Model Agreement
• Art 26 of OECD’s Model Agreement
• Bank Account inquires and investigations
• Double Taxation Agreement provisions
• ‘Fishing Expeditions’ – Not allowed
• Specific Requirements for administrative assistance
• Written consent of the Attorney- General of Cyprus
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Presence in 10 countries
Net Profit €652 million (FY 2008)
24,000 employees
Total Assets €82.2 billion (FY 2008)
210,000 shareholders 1,700 branches & points of sale
EFG Eurobank Ergasias S.A. – EFG Eurobank Ergasias S.A. – SnapshotSnapshot
Ratings: BBB+/A-2 from S&P and A1/C/P-1 from Moody’s
Eurobank EFG Cyprus Ltd is 100% owned by EFG Eurobank Ergasias S.A.
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Network of EFG Eurobank Network of EFG Eurobank Ergasias S.A.Ergasias S.A.
129
502
332
146
312
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March 09 Network
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Operations• Eurobank EFG Cyprus Limited has positioned itself in the Cyprus Banking
Market as a boutique operation focusing on the following market segments:
o International Business Bankingo Private Banking and Asset Managemento Corporate & Investment Banking
Eurobank EFG Cyprus LtdEurobank EFG Cyprus Ltd
Strengths• Quality of Service: Personal, proactive and flexible service, committed to clients’
interests and distinguished by trust and strict discretion
• Breadth of customised solutions: Innovative products and services that fulfil customer needs
• Competitive Pricing
• High Calibre Professionals with vast knowledge and extensive banking experience
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International Business BankingInternational Business Banking
International Business Units• Target Clientele:
o Overseas listed companies
o Trading companies
o International Trusts
o Cyprus companies with foreign shareholders
o SPVs for specific transactions
o Directors, shareholders and beneficial owners of international business companies
• Opening of bank accounts for companies registered in Cyprus and reputable foreign jurisdictions
• Know Your Customer requirements according to Central Bank of Cyprus regulations and Group Standards
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International Business BankingInternational Business Banking
Services offered• Full range of banking services to international business companies, their directors
and beneficial shareholders: o Deposit Accounts
Current and fixed deposit accounts in all major currencies Notice Accounts Cash Management Services
o Fund Transfers SWIFT Bank Drafts
o Trade finance facilities Letters of credit Bills for collection Letters of guarantee Documentary Credits
o E-Bankingo Credit facilitieso Treasury productso Credit cards in EUR
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Private BankingPrivate Banking
• High net worth individuals (residents and non-residents)
• Institutional Investors in cooperation with EFG Eurobank Asset Management
Product Strategy
Target Clientele
• Provide both banking and Investment products
• Strategically diversified portfolio of top-rated products and services
• Efficiency in provision of tailor made solutions
• Flexibility in the development of in-house products
• Open architecture of investment products
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Private BankingPrivate Banking
Selecting the level of Decision making• Classic Services
• Premium Advisory Services
• Discretionary Asset Management
• Our modular approach gives the clients the flexibility to allocate their assets to all three types of investment services for different parts of their portfolio
• Local and international stock markets, government and corporate bonds
• International mutual funds (equity, bond, mixed) and hedge funds
• Alternative investment products
• Structured products (with or without capital guarantee)
• Currency products
• Derivatives
Investment Products
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Corporate & Investment BankingCorporate & Investment Banking
Corporate Banking• Target Clientele:
o Publicly listed companies
o Utility companies
o Large and medium sized corporations
o Cyprus companies with foreign operations
o Foreign companies with operations or holding companies in Cyprus
• Specialisation in development and support of large organisations by offering tailor made solutions to their business requirements
• Focus on Relationship Banking in order to add value to the services we offer to our corporate clients
• Exploiting the comparative advantage and synergies offered with EFG Group’s presence in New Europe in coordinated efforts with the rest of the Group Units to attract business from abroad
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Contact Details
Stephanos Kassianides – Senior Manager International Business BankingTel: +357-22208005 (office) +357-99530012 (mobile)[email protected]
Andreas Pitsillos – Manager Nicosia Business Centre 1Tel: +357-22208030 (office) +357-99694978 (mobile)[email protected]
Koullis Hadjigavriel – Manager Nicosia Business Centre 2Tel: +357-22208201 (office) +357-99357058 (mobile)[email protected]
Demetris Eliades – Senior Officer - International Business BankingTel: +357-22208031 (office) +357-99311976 (mobile)[email protected]
Michalis Aristidou – Officer - International Business BankingTel: +357-22208038 (office) +357-99441366 (mobile)[email protected]
Eurobank EFG Cyprus LimitedEurobank EFG Cyprus Limited