JSC Bank of Latvia to provide banking services in Cyprus

JSC LTB Bank of Latvia, has received a licence from the Central Bank of Cyprus to provide banking services in Cyprus, through a branch. JSC LTB Bank operates in Latvia since 1991 and is a 100% subsidiary of MDM Bank, which is one of the largest privately owned banks of Russia.

The primary responsibility for the prudential supervision of the Cyprus branch of JSC LTB Bank will lie with the Financial and Capital Market Commission of Latvia.

Nevertheless, the Central Bank of Cyprus shall be responsible, in cooperation with the above Authority, for the supervision of the liquidity of the said branch and, in this respect, may request the same information from the branch as that demanded from banks to which a banking licence has been granted. Moreover, the Central Bank of Cyprus may, for statistical purposes require JSC LTB Bank to submit periodically reports on its activities in Cyprus.

The decision of JSC LTB Bank to establish a branch in Cyprus is another indication of Cyprus’s success in attracting foreign credit institutions, as a result of its international recognition as a reputable European financial centre, the Central Bank said in an announcement.

At present, 35 foreign credit institutions operate in Cyprus, either in the form of a subsidiary bank or a branch, from 14 different countries (Austria, Bulgaria, France, Greece, the United Kingdom, Jordan, Ireland, Latvia, Lebanon, Ukraine, Romania, Russia, Tanzania, and Jersey).

Financial Mirror, February 08, 2010

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