Banking System

The banking system in Cyprus which is based on the British banking system is well developed and organised, it is, therefore, capable of providing fast and effective services worldwide. The system is under the supervision of the Central Bank of Cyprus (www.centralbank.gov.cy) which controls all businesses carried out by commercial banks and other financial institutions.

All financial institutions provide a wide range of services and they are all subscribers to the SWIFT system (Society for World Interbank Financial Telecommunications). At present, the banking system comprises twelve (12) banks with a registered office in Cyprus, twenty six (26) international banking units with sub-branches in Cyprus, two (2) administrative banking units, three (3) specialized financial institutions and other financial organisations.