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BANKS EEA

Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.
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  • CYPRUS

    Inhabitants - 1,120,489 (July 2011)

    Language - Greek (official), Turkish (official), English

    Currency - EURO (EUR)

    Religion - Greek Orthodox 78%, Muslim 18%, other (includes Maronite and Armenian Apostolic) 4%.

    Politics - Politics in the Republic of Cyprus take place under the framework of a presidential, representative and democratic republic, wherein the President of Cyprus is both head of state and head of government, and there is also a multi-party system. Executive power is exercised by the government. Legislative power is vested in both the government and the House of Representatives. The judiciary is independent of the executive and the legislature.

    Major industries - tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone, and clay products.

  • Banks (2010) - 152 banks; 910 branches; 12 765 employees; assets – EUR 132,52 billion; loans – EUR61,49 billion; deposits –EUR 69,94 billion

    Banking regulations – The Central Bank of Cyprus is an autonomous institution established as a corporate body in 1963, following the provisions of Articles 118-121 of the Constitution of Cyprus and in accordance with the Central Bank of Cyprus law of 1963 and the Central Bank of Cyprus laws of 2002 to 2007. One of the main function of the Central Bank of Cyprus is supervision of banks. A license to engage in banking business is issued only to a legal entity established in Cyprus under the Companies Law, as amended or under any other applicable law, or to a legal entity established in a country other than Cyprus under comparable laws of the country concerned. The Banking Law determines the minimum capital base that a bank incorporated in the country must maintain. It states that a bank incorporated in Cyprus must have, at all times, minimum own funds of not less than EUR 5,125,804.32 or another higher amount that the Central Bank might determine.