According to experts, Cyprus’ banking sector is expected to have a more positive course over the next few years. If you are looking for recommendations and opinions on which bank is better in Cyprus, it’s best to know your options, stability factors, and facts.
What Are The Biggest Banks In Cyprus?
As the economy grows and people have more disposable income, demand for banking services increases. Knowing which banks are the largest in Cyprus can be helpful if you have an account with one of them or if you’re thinking about opening an account. Here are the biggest and most trusted banks in Cyprus.
Bank of Cyprus
BoC is the largest bank and financial services company in the country, having a total asset value of over €1 billion. It operates several branches all over the island, with headquarters located at Nicosia, Aglandjia Municipality Building to cater to its 770K plus customers. It also has subsidiary companies such as Bank of Cyprus UK and Bank of Cyprus Public Company Limited.
Hellenic Bank
It is the second-largest market share, asset value, and customer base. It has headquarters at Nicosia, Amathounta Avenue. Hellenic also has a subsidiary company called Hellenic Bank Public Company Limited.
The Cyprus Development bank
CDB has several branches across the country, with headquarters at Limassol, Ermou Street. CDB also operates a subsidiary company called The Cyprus Development Bank Public Company Limited.
CCS – The Cooperative Credit Sector
As for Cyprus’s most significant credit institution, CCS is the one. It supports households and provides affordable finance to small businesses. With various branches around Cyprus, it is a valuable institution for both locals and foreigners in Cyprus.
RCB Bank
This bank is the newest entrant in the topmost prominent banks in Cyprus. It’s an EU bank that offers corporate retail services and products internationally and domestically and reaches over 50 countries. It was founded in 1995 and is headquartered at Limassol.
Co-operative Central Bank Group (CCB)
CCB Group. It’s a public credit institution that provides financial services to farmers and manufacturers of agricultural products through its subsidiary company called Cooperative Investment Fund for Agricultural Development & Co-operative Central Bank Ltd. Since 1990, this bank has been operating in Cyprus and is now owned by the co-op societies of the country.
Eurobank Cyprus Ltd
This bank is headquartered in Larnaca and operates as a Greek banking group, Eurobank Ergasias. It offers retail, private, and business banking services to Cypriots and foreigners alike.
Astrobank Limited
Astrobank Limited is a private bank founded in 1991 and headquartered in Nicosia. It offers retail corporate banking services to locals and foreigners looking for financial assistance in Cyprus.
Alpha Bank Cyprus Limited
Alpha Bank Cyprus Limited was founded in 1978 with headquarters in Nicosia and branches in Greece, Bulgaria, Romania, and Serbia. It is one of the largest banks on the island and offers a wide range of current, deposit, credit, and investment products to retail and commercial customers.
Societe Generale Bank – Cyprus Ltd
The Societe Generale Bank – Cyprus Ltd is the only French-owned bank in Cyprus. It was founded in 1985 and is a subsidiary of Societe Generale, a multinational banking and financial services company. SG Bank offers a wide range of services to its retail and commercial customers.
Cyprus Bank Sector Current Situation
Cyprus’s banking sector is divided into two significant counterparts, namely domestically-oriented banks and worldwide or internationally oriented banks. Banking entities have over 67% of the market share in Cyprus. International banks are attracted to Cyprus’s fiscal regime, which is based on the taxation of dividends at a rate of only ten percent. Furthermore, deposits from abroad are not taxed.
Cyprus holds over 30 financial entities, including domestic, international, and mixed banks. Amongst these entities, the most known is the Bank of Cyprus, Alpha Bank, Hellenic Bank, and more. Each entity has a different business strategy based on their vision and mission statements that they have developed to provide all customers with specific financial services.
Knowing which bank is the best for you can be a difficult decision. You need to consider your needs and which bank offers the products and services that meet those specific needs.
Some people might prefer a domestic bank because they feel more comfortable dealing with a Cypriot institution. Domestic banks offer specific banking products such as current accounts, savings accounts, mortgages, and car loans.
The advantage of a domestic bank is that the customer service is usually outstanding, and the staff are familiar with the Cypriot culture and language. Domestic banks also have a strong presence on the island and are well-known.
On the other hand, an international bank might be better for someone looking to invest money or open a foreign bank account. International banks offer products and services geared towards foreigners, and they have a vast network of branches and ATMs all over the world.
The disadvantage of an international bank is that the customer service might not be as good as a domestic bank, and the staff might not be familiar with the Cypriot culture and language.
To help you choose which bank is right for you, consider the following factors below:
- The products and services that the bank offers
- The location of the bank’s branches
- The hours of operation
- The customer service quality
- The bank’s reputation
- Fees levied by the bank
- Any special features or promotions that are available
With this as your guide and customer feedback about their experiences with the best bank in Cyprus, you can decide which banking institution is best for you. Whether you’re a foreign business owner eyeing to invest in Cyprus or a Cypriot resident looking for the best deals on your mortgage, these tips can help you choose wisely.
Final Words
In the end, it is up to the individual to decide which bank is best for them. They need to consider their needs and then research which bank offers the products and services that meet those specific needs.