International Banking Units
There are currently 6 locally incorporated and 4 foreign banks operating in Cyprus, all privately owned. The banks are characterized by their efficiency, superb IT systems and extensive SWIFT correspondents list, and maintain representative offices in major foreign business centers world-wide. The banks have set-up specialized International Business Units (IBU) to serve exclusively the needs of the International Business Community of Cyprus. Local Banks offer foreign currency and multi-currency accounts, foreign currency loans, etc. Banks through their insurance companies provide specialized general insurance products to market segments including the International business community e.g. (cargo, theft, fire, etc). The Central Bank of Cyprus has delegated the authority to the commercial banks to open and maintain foreign currency and external accounts.