Lloyds TSB to establish branch in Cyprus

THE GOVERNOR of the Central Bank of Cyprus Christodoulos Christodoulou, acting under the authority vested in the Central Bank of Cyprus by the Banking Law (Law 66(I) of 1997), has granted a banking business licence to “Lloyds TSB Offshore Limited” of Jersey, to carry on banking business in Cyprus through a branch.

According to a press release issued by Central Bank of Cyprus, Lloyds TSB was established in Jersey in 1969, and has changed its name to “Lloyds TSB Offshore Limited” in 2004. It is a member of “Lloyds TSB Group PLC” of the UK. and provides a wide range of banking and investment services.

The branch of “Lloyds TSB Offshore Limited” in Cyprus will be subject to the supervision and inspection of both the Central Bank of Cyprus and the Jersey Financial Services Commission.
Lloyds TSB Offshore Limited is the first bank from Jersey which has been allowed to establish a branch in Cyprus.

According to the press release, its decision to establish a branch in Cyprus is another indication of our country’s success in attracting international credit institutions as a result of Cyprus’ international recognition as a reputable regional banking/financial centre, especially, after its accession to the European Union.

There are at present, 29 foreign credit institutions from 12 different countries (Austria, Bulgaria, France, Greece, Ireland, Jordan, Latvia, Lebanon, Russia, Tanzania, Ukraine and the United Kingdom), which operate in Cyprus either in the form of a subsidiary bank or branch.
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The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.