List of Credit Acquiring Companies Licenced by the Central Bank of Cyprus

Total Page：16

File Type：pdf, Size：1020Kb

CENTRAL BANK OF CYPRUS EUROSYSTEM LIST OF CREDIT ACQUIRING COMPANIES LICENCED BY THE CENTRAL BANK OF CYPRUS (The Sale of Credit Facilities and Related Matters Law, 2015 (L.169(I)/2015)- section 5(5)) ALPHA CREDIT ACQUISITION COMPANY LIMITED Registration Number: HE404233 Issue of Licence date: 30/04/2020 Licence Number: 115.1.34.11 Address: 11 Limassol Avenue, Galatariotis Build., 2nd Floor, 2112 Nicosia Chairman of Board of Directors: Mr George Georgiou APS LOAN MANAGEMENT LTD Registration Number: HE393733 Issue of Licence date: 21/06/2019 Licence Number: 115.1.34.10 Address: 20 Amphipoleos Street, Megaro Amphipoleos, Cy-2025 Nicosia. Executive Officer: Mr Demetris Constantinides B2KAPITAL CYPRUS LTD Registration Number: HE378002 Issue of Licence date: 10/05/2018 Licence Number: 115.1.34.6 Address: 79 Spyrou Kyprianou Avenue, 4042 Limassol. Telephone Number: 25259620 E-mail address: [email protected] Website address: www.b2kapital.com.cy Chief Executive Officer: Mr Rakis Christophorou CENTRAL BANK OF CYPRUS EUROSYSTEM CAC CORAL LIMITED Registration Number: HE387010 Issue of Licence date: 25/09/2018 Licence Number: 115.1.34.7 Address: 15 Archbishop Makarios III Avenue, Cy-1065 Nicosia Telephone Number: 22840100 General Manager: Mr Christodoulos Christodoulou COOPERATIVE ASSET MANAGEMENT COMPANY LTD Registration Number: Cooperative Company No. 0088/1937 Issue of Licence date: 28/01/2019 Licence Number: 115.1.34.9 Address: 8 Gregori Afxentiou Street, Cy-1096 Nicosia. Telephone Number: 22743000 Chairman of the Board of Directors: Mr George Panteli CYPRUS ASSET MANAGEMENT COMPANY LIMITED Registration Number: HE387704 Issue of Licence date: 31/08/2018 Licence Number: 115.1.34.8 Address: 8 Gregori Afxentiou Street, Cy-1096 Nicosia. Telephone Number: 22743000 Chief Executive Officer: Mr Marios Papadopoulos GORDIAN HOLDINGS LIMITED (previous name: CYCMC I LIMITED) Registration Number: HE378128 Issue of Licence date: 08/08/2018 Licence Number: 115.1.34.2 Address: 20 Costi Palama Street, "Aspelia Court", 2nd Floor, Cy-1096 Nicosia. Chief Executive Officer: Mrs Anthi Exadaktylou 2 CENTRAL BANK OF CYPRUS EUROSYSTEM THEMIS PORTFOLIO MANAGEMENT HOLDINGS LIMITED (previous name: CYCMC III LIMITED) Registration Number: HE378131 Issue of Licence date: 08/08/2018 Licence Number: 115.1.34.4 Address: 20 Costi Palama Street, “Aspelia Court”, 2nd Floor, Cy-1096 Nicosia Telephone Number: 22122492 Chief Executive Officer: Mr Panagiotis Mouzouris 3 .

Copy Link

Recommended publications

Post-Programme Surveillance Report. Cyprus, Autumn 2020
ISSN 2443-8014 (online) Post-Programme Surveillance Report Cyprus, Autumn 2020 INSTITUTIONAL PAPER 141 | NOVEMBER 2020 EUROPEAN ECONOMY Economic and Financial Affairs European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic policy-making by the European Commission, the Council of the European Union and the European Parliament. Views expressed in unofficial documents do not necessarily represent the views of the European Commission. LEGAL NOTICE Neither the European Commission nor any person acting on behalf of the European Commission is responsible for the use that might be made of the information contained in this publication. This paper exists in English only and can be downloaded from https://ec.europa.eu/info/publications/economic-and-financial-affairs-publications_en. Luxembourg: Publications Office of the European Union, 2020 PDF ISBN 978-92-76-16330-5 ISSN 2443-8014 doi:10.2765/647053 KC-BC-20-018-EN-N © European Union, 2020 Reuse is authorised provided the source is acknowledged. The reuse policy of European Commission documents is regulated by Decision 2011/833/EU (OJ L 330, 14.12.2011, p. 39). For any use or reproduction of material that is not under the EU copyright, permission must be sought directly from the copyright holders. CREDIT Cover photography: © iStock.com/benslimanhassan European Commission Directorate-General for Economic and Financial Affairs Post-Programme Surveillance Report Cyprus, Autumn 2020 EUROPEAN ECONOMY Institutional Paper 141 ACKNOWLEDGEMENTS This report was prepared in the Directorate-General for Economic and Financial Affairs under the direction of Manfred Bergmann (Director), Moisés Orellana (Head of Unit for Cyprus) and Magdalena Morgese-Borys (Deputy Head of Unit for Cyprus).
[Show full text]
1 SECRET LAIKI POPULAR BANK How a Bank's Mismanagement
SECRET LAIKI POPULAR BANK How a bank’s mismanagement toppled an economy Introduction This study has been carried out following the instructions by the President of the Republic of Cyprus, Nicos Anastasiades with the aim of tracking down the causes which led the Cypriot economy to the brink of collapse. The objective is to draw lessons from the past and take corrective measures so that the country will never find itself in a similar, critical position. The documentation used is based on material from the archives of the Presidential Palace. Moreover, important confidential material of the Central Bank of Cyprus (CBC) has been utilized, which was submitted to the Investigation Committee appointed by the Ministerial Council with the task of looking into the causes which led to the financial crisis. This material has not been adequately utilized by the Committee - for reasons already explained by the Committee itself- and has been delivered to the State archive. The framework of the study’s findings is as follows: Since 2011, when the Cypriot economy was initially downgraded by international rating agencies, the problems were spotted at the banks, as a result of the Greek crisis, and to the Government’s weakness to support them financially should the need arose. Briefly, these problems can be summarized as follows: - The size of the banks was about seven times that of the economy’s GDP. - Private indebtedness (companies and households) without sufficient collateral. 1 - Cypriot banks were exposed to Greece which found itself in a protracted crisis and with a visible risk of exiting the euro area.
[Show full text]
Banking Crisis in Cyprus: Causes, Consequences and Recent Developments*
1 Banking Crisis in Cyprus: Causes, Consequences and Recent Developments* Scott Brown University of Puerto Rico, USA Demetra Demetriou Cyprus University of Technology, Cyprus Panayiotis Theodossiou Cyprus University of Technology, Cyprus The economy of Cyprus was barely affected by the U.S. subprime mortgage debacle. The economic crisis in Cyprus was initially driven by fiscal mismanagement and subsequently by the failure of the government and its regulatory branches to monitor the imprudent behavior and risky investment actions of top executives in the banking sector. That is, banking executives run amok due to poor monitoring leading to severe agency problems in the Cypriot banking industry. The economic effects of the first capital-controlled bail-in in the EU in 2013 temporarily hobbled the real economy and the banking sector of Cyprus. Nevertheless, in less than five years, the economy of Cyprus recovered almost fully. This paper provides an economic analysis of the macroeconomic, banking and political events that led to the economic collapse in Cyprus. We also cover the interim period between collapse and recovery. The Cyprus case is an opportunity for European economic agents and regulators to learn how to avoid bail-in and welfare bloat. Studying Cyprus helps the reader see the most troubling cracks in the foundations of the European Fortress. * We are deeply grateful for useful comments received from Sheridan Titman, Lorne Switzer, Ganesh Rajappan, Gevorg Sargsyan, Adam Welker, Mary Becker, Carlos Vila, and the former Puerto Rico Secretary of State, Antonio (Tito) Colorado at the 2019 Winter MFS Conference at the University of Puerto Rico. This study benefited from extensive discussions with former Hellenic and Cyprus Cooperative Bank executives Marios Clerides, Nearchos Ioannou and Makis Keravnos.
[Show full text]
Central Bank of Cyprus Eurosystem Prevention Of
CENTRAL BANK OF CYPRUS EUROSYSTEM PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING DIRECTIVE TO CREDIT INSTITUTIONS IN ACCORDANCE WITH ARTICLE 59(4) OF THE PREVENTION AND SUPPRESSION OF MONEY LAUNDERING ACTIVITIES LAWS OF 2007 TO 2013 (FOURTH ISSUE) DECEMBER 2013 CENTRAL BANK OF CYPRUS EUROSYSTEM CONTENTS PAGE PREFACE 1 1. INTERNAL CONTROL PROCEDURES AND RISK MANAGEMENT 3 1.1 Obligation to establish procedures 3 1.2 Customer Acceptance Policy 7 2. THE ROLE OF THE MONEY LAUNDERING COMPLIANCE OFFICER 8 2.1 Appointment of a Money Laundering Compliance Officer (“MLCO”) 8 2.2 Duties of the Money Laundering Compliance Officer 9 2.3 Annual Report of the Money Laundering Compliance Officer 14 3. THE APPLICATION OF APPROPRIATE MEASURES AND 17 PROCEDURES ON A RISK SENSITIVE BASIS 3.1 Introduction 17 3.2 Identifying and Assessing Risks 18 3.3 Design and implementation of controls to manage and mitigate risks 19 3.4 Monitoring and improving the effective operation of credit 21 institutions’ internal procedures 3.5 Dynamic risk management 22 3.6 Risk management report 22 4. CUSTOMER IDENTIFICATION AND DUE DILIGENCE PROCEDURES 23 4.1 Introduction 23 4.2 When customer identification and due diligence procedures should be applied. 23 4.3 Customer identification and due diligence procedures 24 Central Bank of Cyprus’s Directive – December 2013 i CENTRAL BANK OF CYPRUS EUROSYSTEM 4.4 Timing of identification 25 4.5 Exercise of due diligence and updating of identification data of existing customers 26 4.6 Simplified customer identification and due
[Show full text]
United Nations Security Council Official Records
UNITED NATIONS SECURITY COUNCIL OFFICIAL RECORDS NEW YORK CONTENTS Page Provisional agenda (S/Agenda/2534). 1 Adoptionoftheagenda................................................. 1 The situation in Cyprus: Letter dated 30 April 1984 from the Permanent Representative of Cyprus to the United Nations addressed to the President of the Security Council (S/16514). 1 SlPV.2534 NOTE Symbols of United Nations documents are composed of capital letters com- bined with figures. Mention of such a symbol indicates a reference to a United Nations document. Documents of the Security Council (symbol S/. .) are normally published in quarterly Supplements of the Ojjkial Records of the Security Council. The date of the document indicates the supplement in which it appears or in which information about it is given. The resolutions of the Security Council, numbered in accordance with a system adopted in 1964, are published in yearly volumes of Resolutions and Decisions of the Security Council. The new system, which has been applied retroactively to resolutions adopted before 1 January 1965, became fully operative on that date. 2534th MEETING Held in New York on Friday, 4 May 1984, at 3.30 p.m. President: Mr. Oleg A. TROYANOVSKY / I have received a letter from the representative of Al- (Union of Soviet Socialist Republics). geria in which he requests to be invited to participate in the discussion of the item on the Council’s agenda. In Present: The representatives of the following States: conformity with the usual practice, I propose, with the China, Egypt, France, India, Malta, Netherlands, consent of the Council, to invite that representative to Nicaragua, Pakistan, Peru, Ukrainian Soviet Socialist participate in the discussion without the right to vote, in Republic, Union of Soviet Socialist Republics, United accordance with the relevant provisions of the Charter Kingdom of Great Britain and Northern Ireland, United and rule 37 of the provisional rules of procedure.
[Show full text]
THE BANKING SYSTEM of CYPRUS Also by Kate Phylaktis
THE BANKING SYSTEM OF CYPRUS Also by Kate Phylaktis FINANCIAL DATA OF BANKS AND OTHER FINANCIAL INSTITUTIONS INTERNATIONAL FINANCE AND THE LESS DEVELOPED COUNTRIES (editor with M. Pradhan) The Banking System of Cyprus Past, Present and Future Kate Phylaktis Reader in International Finance Director of the Research Centre in Financial Development City University Business School London palgrave macmillan © Kate Phylaktis 1995 Softcover reprint of the hardcover 1st edition 1995 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WIP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations ofthe country of origin. First published 1995 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world ISBN 978-1-349-12870-9 ISBN 978-1-349-12868-6 (eBook) DOI 10.1007/978-1-349-12868-6 A catalogue record
[Show full text]
List of Credit Acquiring Companies Licenced by the Central Bank of Cyprus
CENTRAL BANK OF CYPRUS EUROSYSTEM LIST OF CREDIT ACQUIRING COMPANIES LICENCED BY THE CENTRAL BANK OF CYPRUS (The Sale of Credit Facilities and Related Matters Law, 2015 (L.169(I)/2015)- section 5(5)) ALPHA CREDIT ACQUISITION COMPANY LIMITED Registration Number: HE404233 Issue of Licence date: 30/04/2020 Licence Number: 115.1.34.11 Address: 11 Limassol Avenue, Galatariotis Build., 2nd Floor, 2112 Nicosia Chairman of Board of Directors: Mr George Georgiou APS LOAN MANAGEMENT LTD Registration Number: HE393733 Issue of Licence date: 21/06/2019 Licence Number: 115.1.34.10 Address: 20 Amphipoleos Street, Megaro Amphipoleos, Cy-2025 Nicosia. Executive Officer: Mr Demetris Constantinides B2KAPITAL CYPRUS LTD Registration Number: HE378002 Issue of Licence date: 10/05/2018 Licence Number: 115.1.34.6 Address: 79 Spyrou Kyprianou Avenue, 4042 Limassol. Telephone Number: 25259620 E-mail address: [email protected] Website address: www.b2kapital.com.cy Chief Executive Officer: Mr Rakis Christophorou CENTRAL BANK OF CYPRUS EUROSYSTEM CAC CORAL LIMITED Registration Number: HE387010 Issue of Licence date: 25/09/2018 Licence Number: 115.1.34.7 Address: 15 Archbishop Makarios III Avenue, Cy-1065 Nicosia Telephone Number: 22840100 General Manager: Mr Christodoulos Christodoulou COOPERATIVE ASSET MANAGEMENT COMPANY LTD Registration Number: Cooperative Company No. 0088/1937 Issue of Licence date: 28/01/2019 Licence Number: 115.1.34.9 Address: 8 Gregori Afxentiou Street, Cy-1096 Nicosia. Telephone Number: 22743000 Chairman of the Board of Directors: Mr George Panteli CYCMC III LIMITED Registration Number: HE378131 Issue of Licence date: 08/08/2018 Licence Number: 115.1.34.4 Address: 51 Stasinou Street, Strovolos, 2002 Nicosia.
[Show full text]
Banking Licence Application Process Download
Banking Licence application process Banking Licence application process 02 Banking Licence application process Taking the hassle of dealing with the Central Bank of Cyprus off our clients shoulders Applying for a Banking Licence can be a complicated process. Deloitte offers the full spectrum of services required to help your organisation address the Regulator's requirements. Introduction At a high level the banking licence application process is as follows: • Pre-application meetings • Application stage • Licensing of the bank • Authorisation for the commencement of banking business by the bank This note sets out an overview of the steps and information an applicant is expected to complete as part of the Central Bank of Cyprus’ (CBC’s) Banking licence application process. Overview of the process Minimum Capital: • The EU law sets the minimum amount of capital for an applicant at EUR 5 million Timings: • The CBC has up to 6 months from the date of receiving a complete application (i.e excluding the time during which questions are being raised and additional information requested) for the communication of a decision • In the event that the application is successful, and a licence is issued by CBC, the licensed bank must, within a maximum period of 12 months, prepare for its setting up and operation. Management: • At least two Executive directors are required Phases • Phase A: During the Pre-application period the CBC will try and explore some Early stage questions (Appendix A lists some indicative questions) • Phase B: During the application phase, the Application form must be submitted alongside an extensive list of information and documentation.
[Show full text]
Central Bank of Cyprus Eurosystem
CENTRAL BANK OF CYPRUS EUROSYSTEM Required information1 for the assessment of a proposed acquisition, directly or indirectly, of control or increase of control in a bank incorporated in the Republic 1. Definitions Without prejudice to any definitions included in the Banking Law No. 66(I) of 1997, as subsequently amended (“the Law”), for the purposes of the required information which must be submitted by a proposed acquirer, the following definitions apply: “Control” has the meaning ascribed to it under section 2 of the Law. “Central Bank” means the Central Bank of Cyprus “Majority control” in a target bank, means the relationship between a parent undertaking and a subsidiary, as defined in article 1 of Directive 83/349/EEC, or a similar relationship between any natural or legal person and an undertaking2. 1 The required information included in this document, is based on the “Appendix II – List of information required for the assessment of an acquisition” of the “Guidelines for the prudential assessment of acquisitions and increases in holdings in the financial sector, required by Directive 2007/44/EC”. This text, however, has been adapted so as to comply with the definitions and provisions of the Law. 2 The meaning of “majority control” of the target bank, is the one defined in sectoral Directives ie “the relationship between a parent undertaking and a subsidiary, as defined in article 1 of Directive 83/349/EEC, or a similar relationship between any natural or legal person and an undertaking. Article 1 of Directive 83/349/EEC states that:
[Show full text]
Memorandum of Understanding Between the Central Bank of Cyprus and UK Banking Supervisory Authorities
Memorandum of Understanding between the Central Bank of Cyprus and UK banking supervisory authorities This Memorandum of Understanding is made BETWEEN: The Central Bank of Cyprus, with its headquarters at 80 Kennedy Avenue, CY-1076, Nicosia, Cyprus hereinafter the ‘CBC’, AND The Bank of England (including in its capacity as the Prudential Regulation Authority (hereinafter the ‘PRA’)), with the Bank’s headquarters at Threadneedle Street, London EC2R 8AH, United Kingdom and its PRA functions largely carried on from the Bank’s premises at 20 Moorgate, London EC2R 6DA, United Kingdom, hereinafter the ‘BoE’, AND The Financial Conduct Authority, with its headquarters at 12 Endeavour Square, London E20 1JN, United Kingdom, hereinafter the ‘FCA’ and, together with the BoE, the ‘UK Authorities’ and each of them, a ‘UK Authority’. (And hereinafter jointly ‘the Authorities’ and each of them, individually, ‘an Authority’.) Definitions For the purpose of this Memorandum of Understanding: ‘AML/CFT supervision’ means, if relevant for an Authority, the approach of an Authority to effectively monitor, and taking the measures necessary to ensuring compliance with, supervised entities’ anti-money laundering / counter-terrorist financing obligations; ‘applicable legal framework’ means any law, regulation or requirement applicable to the ‘CBC’ or to the BoE, the PRA or the FCA in respect of its relevant functions; ‘college of supervisors’ means permanent but flexible structures for collaboration, coordination and information-sharing among the authorities
[Show full text]
Cyprus As a Mixed Legal System
Journal of Civil Law Studies Volume 6 Number 1 Article 3 8-15-2013 Cyprus as a Mixed Legal System Nikitas E. Hatzimihail Follow this and additional works at: https://digitalcommons.law.lsu.edu/jcls Part of the Civil Law Commons Repository Citation Nikitas E. Hatzimihail, Cyprus as a Mixed Legal System, 6 J. Civ. L. Stud. (2013) Available at: https://digitalcommons.law.lsu.edu/jcls/vol6/iss1/3 This Article is brought to you for free and open access by the Law Reviews and Journals at LSU Law Digital Commons. It has been accepted for inclusion in Journal of Civil Law Studies by an authorized editor of LSU Law Digital Commons. For more information, please contact [email protected]. CYPRUS AS A MIXED LEGAL SYSTEM Nikitas E. Hatzimihail* Abstract ......................................................................................... 38 I. Introduction ............................................................................... 39 II. A Historical Overview ............................................................. 42 A. Early History ........................................................................ 43 B. British Colonial Rule (1878-1960) ....................................... 44 C. Independence ........................................................................ 48 D. The Post-Colonial Legal Mind ............................................. 52 III. The Administration of Justice System .................................... 54 A. The Legal Profession ........................................................... 55 1. A Unitary Bar
[Show full text]
Annual Report 2003
ANNUAL REPORT 2003 CYPRUS . ∂UROPE BANK OF CYPRUS GROUP GROUP PROFILE Founded in 1899, the Bank of Cyprus Group (the Our firm commitment continues to be: Group) is the leading financial services group in the maximisation of shareholder value, Cyprus, with a dynamic presence in Greece and through rational expansion in conjunction operations in the United Kingdom, Australia and with a coordinated effort to exploit the the Channel Islands. opportunities that arise in the evolving The Group offers a wide range of financial financial environment, in order to achieve products and services, which include banking increased profitability and efficiency, services, finance, factoring, general and life the provision of an upgraded level of customer insurance, brokerage, investment banking, service in terms of speed and quality, offering mutual fund management and custody services. the best possible solutions to customers’ Bank of Cyprus Ltd (the Bank) holds a leading ever-increasing needs, through innovative position in Cyprus. Since 1991, the Bank financial products and services, and commenced its dynamic expansion in Greece. the recognition of the value of our human Today, the Bank of Cyprus Group is the seventh resources, the further development of their largest financial services group in the wider skills and their continuous education and Greek market (based on deposits and advances). training using modern and effective Due to its expansion to countries with methods in order to achieve our common sizeable Cypriot or Greek communities or goals and objectives. business ties, the Bank is well established as the international bank of the Hellenism. The Group has an established banking presence in the United Kingdom.
[Show full text]