History
Laiki Bank is one the largest and highly reputable banks in the Eastern Mediterranean and Cyprus. Laiki Bank of Cyprus was established in 1901. In 1924 Laiki Bank became a fully-fledged banking institution and the first public company registered in Cyprus. Laiki Bank four times acquired smaller Cyprus banks and changed its name. Over more than one hundred years Marfin Laiki Bank has demonstrated the ability to grow and work in ever-changing social and economic conditions. Its operations cover over 40% of the Cyprus banking market.
On March 25, 2013, the European Commission announced that, due to the financial crisis, Cyprus Popular Bank will be liquidated by transferring its insured assets to the management of Bank of Cyprus, which has also undergone a restructuring.
Pursuant to the Decree on the Sale of Certain Services of Cyprus Popular Bank Public Co Ltd of 2013, issued in accordance with the Law of the Republic of Cyprus on the Recovery of Credit and Other Institutions of March 29, 2013, the insured deposits and the majority of the assets and loans of Cyprus Popular Bank were absorbed by Bank of Cyprus
Personnel
There are English-speaking. staff
Bank’s shareholders
The bank is a public company, with its shares quoted at leading stock exchanges. 19.9% of shares belong to Dubai Investments Fund, and 10% - to MIG (Marfin Investments Group). The rest of the shares are owned by private persons, bank’s employees, and senior management.
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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