Top 5 biggest banks of Cyprus
Cyprus banking sector is expected to contribute positively to growth in 2017 with the increased GDP by around 2,8% as the country continues to strengthen its banking sector and its economy as a whole. Country’s banks have been recognized internationally reflecting Cyprus economic growth which was stimulated by various significant reforms and restructurization. The European Commission listed a 2,7% up to 3% of economic growth in the annual report. In general, the whole sector has a positive outlook. This means that at present the banking sector in Cyprus stands strong, however, few years ago in 2013 a financial banking crisis existed in the country which laid a foundation for even more sustainable financial development.
Current situation within the Cyprus banking sector
Today domestic market in Cyprus has three main banking entities which together have 67% market share of deposits. Cyprus’ banking sector has two main counterparts: international or worldwide banks and domestically-oriented banks. International banks have long been attracted to the island for its fiscal regime that is favorable for international banks when integrating into high-growth markets. In general, there are about 30 financial institutions in the country, having international banking business as a foundation and having limited interaction with Cyprus domestic economy.
Cyprus leading banks
The Bank of Cyprus is the leading financial institution among various Cooperative institutions. In addition, as it was published in Banksdaily.com which provides information on banking news and directory, most well-known, trusted and reliable Cypriot banks are located in the capital of Cyprus – Nicosia (except the RCB Bank): Bank of Cyprus, the Cooperative credit Sector, Development Bank, Hellenic Bank, RCB Bank.
- Bank of Cyprus
- This financial institution is the largest lender in the country. It has raised a capital of 1 billion euro after the downfall of 2013. In 2017 it has won a Best Bank for Private Banking 2017 award which was given by the international magazine referred to as Euromoney. This drew attention to country’s economy and its stock exchange. In 2016 it has more than 775,000 consumers or clients. The Bank has several divisions such as Corporate Banking Division, Consumer Banking Division, SME Banking Division and the International Banking Services Division.
- The Cooperative Credit Sector (CCS)
- It is one of the largest credit institutions in the country. A 1,5 billion euro disbursement was released for the recapitalization of the bank in 2014 which was then approved by the European Commission. The bank supports every household and offers its clients an affordable, accessible banking services and products.
- The Cyprus Development Bank
- It is a commercial bank which provides products and services to corporate clients, offering wide range of standard procedures such as local and worldwide payments, money transfers, loans, deposits, equity funds etc.
- Hellenic Bank
- This financial institution offers specialized service centers for the business clients based on their scale. There are two divisions existing within its premises – the Business Services Division and a Corporate Banking Division, offering up-to-date banking services and products for small, medium and large enterprises as well as their managing employees and shareholders. Hellenic Bank faced a healthy growth while being recognized as one of the most liquid banks in Europe.
- RCB Bank
- Founded in 1995, today it is one of the largest financial institutions in the country. It is an EU bank, offering corporate retail products and services internationally and reaching clients from about 50 countries. It has departments or branches and representative offices in London, Moscow, Nicosia, Luxembourg, Pafos and Limassol. The bank was ranked as the Safest Bank in Cyprus 2016 by the Global Finance Magazine, having banking operations in Cyprus for over 20 years as well as joining forces with the European Investment Bank (EIB).