The Governor of the Central Bank of Cyprus, Mr. Christodoulos Christodoulou, acting under the authority vested in the Central Bank of Cyprus by the Banking Law of 1997, has today granted a banking business licence, in the presence of the Ambassador of Lebanon in Cyprus, Ms Samira Hanna - El - Daher, to Bank of Beirut SAL of Lebanon, to carry on banking business in and from within Cyprus through a branch in the form of an International Banking Unit ("IBU").
According to an official announcement, the Bank of Beirut SAL was established in Lebanon in 1963 and offers a wide range of banking services. The bank is one of Lebanon's ten largest banks and enjoys a good reputation in Lebanon as well as in the Middle Eastern region in general. Part of its shares are publicly traded on the Beirut Stock Exchange.
Bank of Beirut SAL'S IBU will deal primarily in foreign currencies and transact business with natural or legal persons who are non-residents of Cyprus, situated either in Cyprus or abroad. As an exception, medium and long-term lending in foreign currencies to Cyprus residents has been allowed, within the framework of liberalising Cyprus's financial system, as from 1 January, 2001. Bank of Beirut SAL'S IBU will be subject to the supervision and inspection of both the Central Bank of Cyprus and the banking supervisory authorities of Lebanon.
Bank of Beirut SAL is the eighth bank from Lebanon which has been allowed to establish an International Banking Unit in Cyprus. Its decision to carry on banking business from within Cyprus is another indication of our country's success in attracting international banks and financial institutions as a result of Cyprus' international recognition as a reputable regional banking/financial centre and of the business opportunities which are expected to arise with the accession of Cyprus to the European Union.
Currently, there are 28 IBUs operating from within Cyprus and three Representative Offices of foreign banks in Cyprus. Other foreign banks have expressed a similar interest to establish IBUs in Cyprus and more banking business licences are expected to be granted in the near future.
According to an official announcement, the Bank of Beirut SAL was established in Lebanon in 1963 and offers a wide range of banking services. The bank is one of Lebanon's ten largest banks and enjoys a good reputation in Lebanon as well as in the Middle Eastern region in general. Part of its shares are publicly traded on the Beirut Stock Exchange.
Bank of Beirut SAL'S IBU will deal primarily in foreign currencies and transact business with natural or legal persons who are non-residents of Cyprus, situated either in Cyprus or abroad. As an exception, medium and long-term lending in foreign currencies to Cyprus residents has been allowed, within the framework of liberalising Cyprus's financial system, as from 1 January, 2001. Bank of Beirut SAL'S IBU will be subject to the supervision and inspection of both the Central Bank of Cyprus and the banking supervisory authorities of Lebanon.
Bank of Beirut SAL is the eighth bank from Lebanon which has been allowed to establish an International Banking Unit in Cyprus. Its decision to carry on banking business from within Cyprus is another indication of our country's success in attracting international banks and financial institutions as a result of Cyprus' international recognition as a reputable regional banking/financial centre and of the business opportunities which are expected to arise with the accession of Cyprus to the European Union.
Currently, there are 28 IBUs operating from within Cyprus and three Representative Offices of foreign banks in Cyprus. Other foreign banks have expressed a similar interest to establish IBUs in Cyprus and more banking business licences are expected to be granted in the near future.
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