The Governor of the Central Bank of Cyprus, Mr. Christodoulos Christodoulou, acting under the authority vested in the Central Bank of Cyprus by the Banking Law (Law 66(I) of 1997), has today granted a banking business licence to “Central Cooperative Bank PLC” of Bulgaria, to carry on banking business in Cyprus through a branch.
“Central Cooperative Bank PLC” was established in Bulgaria in 1991 by the country’s Central Cooperative Union with the aim of contributing to the further development of the country’s cooperative sector. The bank is now a member of the “Chimimport JSC” group of companies, whose main activity is general trade. Over the years, the bank has developed into a commercial bank which offers a wide range of financial products and services. The bank is a public company and its shares are traded on the Stock Exchange in Sofia.
“Central Cooperative Bank PLC’s” branch in Cyprus will be subject to the supervision and inspection of both the Central Bank of Cyprus and the Bulgarian National Bank (Central Bank of Bulgaria).
“Central Cooperative Bank PLC” is the second bank from Bulgaria which has been allowed to establish a branch in Cyprus. Its decision to establish a branch in Cyprus is another indication of our country’s success in attracting international credit institutions as a result of Cyprus’s international recognition as a reputable regional banking / financial centre, especially, after its accession to the European Union.
There are at present, 28 foreign credit institutions from 11 different countries (Austria, Bulgaria, France, Greece, Ireland, Jordan, Lebanon, Russia, Tanzania, Ukraine and the United Kingdom), which operate in Cyprus either in the form of a subsidiary bank or branch.