GSL / Offshore and International Law / Offshore Banking / Cyprus Popular Bank Ltd

How to open a bank account in Cyprus Popular Bank Ltd

Relationship was terminated

GSL reference about the bank

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The relationship with the bank was terminated because the bank is undergoing restructuring. In the light of the recent events it does not seem possible to offer account opening services in relation to Cyprus Popular Bank Ltd

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    401 2 C
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    Year of foundation 1901
    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. With its headquarters in Cyprus, Laiki Bank has 150 branches in Cyprus, 15 branches in the United Kingdom, 20 branches in Greece, and subsidiary banks in Estonia, Romania, Ukraine, Russia, Malta, and Guernsey. Marfin Laiki operates 440 branches worldwide and has representative offices in Moscow, Kiev, Beijing, and Toronto. In 2010 “The Banker” ranked Marfin Laiki Bank number 209 among the 1000 world’s largest banks. Marfin Laiki Bank enjoys wide international acknowledgment, which is proved by a great number of international awards, for example the ‘Bank of the Year’ which it won in 2010. Following a shareholder decision, the Βank’s name officially reverts to “Cyprus Popular Bank Public Co Ltd” and its trading name in Cyprus to “Laiki Bank”
    Personnel Russian-speaking (including the Moscow representative) and English-speaking. The bank’s staff also speaks Polish and Chinese
    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. The total number of shares is about 100 000
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 No restrictions 0 0 No restrictions
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    Minimum balance, € The bank is ready to consider clients with any minimum balance
    Transactions permitted per month The bank is ready to take on clients with any number of transactions per day
    Initial deposit of funds, € There is no initial deposit
    Deadline for the initial deposit, month There is no deadline, but if no money is deposited in the account during the current year, the account can be closed. In this case it is necessary to contact the bank and inform the manager of your intentions
    Minimum turnover, €/year The bank is ready to consider clients with any estimated annual turnover
    How fast payments are executed Value date for ordinary transfers is the third day, for express transfers – same day. The cut-off time is 13.00 (15.00 Moscow time)

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    75 25 120 8 800 0
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    Outcoming transfer, € International SWIFT transfers – 0.15% (min. EUR 2, max. EUR 400). Additional charge for express transfers – 0.05% (min. EUR 2, max. EUR 400)
    Incoming transfer, € Fee for incoming transfers of up to EUR 1000 – EUR 5; for transfers of up to EUR 50 000 – EUR 15; for transfers over EUR 50 000 – EUR 25
    Account maintenance, €/year Fee for account maintenance is EUR 30 per quarter
    Payment limit for credit cards, €/day EUR 8 800 per day for cash withdrawals (not more than 5 transactions per day) + EUR 8 800 per day for non-cash transactions on the card
    Funds to be blocked for CC issue, € The bank only issue debit cards, hence no insurance coverage
    Distant access to the account Internet system (free of charge). The account is accessed and operated via the bank’s website. The bank uses digipasses (the cost of the encoding device is EUR 40). A client manager can be appointed to process the client’s current payments
    Financial products Laiki bank offers a great variety of products and services of a highest quality, namely: loans to individuals and businesses; deposits; current accounts; trade finance facilities; cards; escrow account services; treasury services and margin accounts; factoring and insurance; brokerage services; investment banking; insurance; private banking; shipment etc
    Credit/debit cards VISA, MasterCard, American Express. Credit cards are only issued on condition that a sum equivalent to the payment limit is blocked in the account. Pre-paid cards can be issued for Internet payments. Personal accounts: Visa Electron (no fee for annual maintenance), Visa Classic (no fee for annual maintenance), MasterCard Classic (no fee for annual maintenance), Visa Gold and MasterCard Gold (annual maintenance is from EUR 45 to 90). Corporate accounts: Visa Business (annual maintenance is EUR 60). The fee for re-issue of the card is EUR 10. Cash withdrawals: EUR transactions – EUR 2.65 per transaction; other currencies – 3.33% of the amount of transaction (min. EUR 4.27) + 2.95% of the amount of transaction (covering the conversion expenses and third-party expenses)
    Hold mail Holding statements of account at the bank costs EUR 75

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    1 14 Not necessary Sketchy Savings & current
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    Visit to the bank No visit to the bank is required
    Required For personal accounts – a copy of international passport. For corporate accounts – a standard apostilled set of documents
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker
    Chances to open an account Predictable
    Business description Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
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