The banking system in Cyprus

Cyprus' banking system is modeled after the British system, with banking procedures, services, and management and control systems that are quite similar to those in the UK.

Cyprus's financial system is regulated, supervised, and monitored by the Central Bank of Cyprus. Cyprus now has 14 domestic banks, 11 of which are commercial banks and three of which are specialized financial organizations. In addition, the island is home to over 30 international financial centers.

The main domestic and foreign banks are the Alpha Bank Ltd, Bank of Cyprus, Co-operative Central Bank Ltd, Cyprus Popular Bank, Emporiki Bank (Cyprus Ltd), Hellenic Bank, National Bank of Greece (Cyprus) Ltd, Société Générale (Cyprus Ltd) and Universal Bank Ltd. Two other banks operate as branches of foreign banks: Arab Bank plc and National Bank of Greece SA.

In addition to domestic banks, the Central Bank of Cyprus has granted permission for international banking units (IBUs) to operate in the country. However, they must mostly deal with non-residents.

Before you commit, get suggestions and as much information as you can about all of the banks. Banks in Cyprus have expanded their services beyond typical banking in recent years, currently including insurance, leasing, hire buy finance, investment, and consultation. They've also embraced new technology, providing users with telephone and online banking options.

All financial workers in Cyprus understand English, and banks are modern, efficient, and well-equipped. Commercial banks in Cyprus have correspondents in major locations worldwide, and transactions may be conducted in all major currencies. Most provide extensive services to both personal and business and financial clients, so thoroughly exploring your alternatives is recommended.


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