How to open a bank account in Promsvyazbank – Cyprus

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Relationship was terminated

Central Bank of Cyprus: Revocation of licence granted to Promsvyazbank PJSC to operate a branch in Cyprus. Wednesday, 31 July 2019

Relationship was terminated

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+44 0 207 822 85 90

General information and rating

Not rated

Global rating

Not rated

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

2001

History

Promsvyazbank was founded in 1995. The bank has an office in Cyprus and representative offices in China, India, Ukraine and Kazakhstan which primarily provide support to Russian clients. A branch in Hong Kong is expected to open by the end of 2014. Promsvyazbank-Cyprus holds a Cyprus Central Bank licence issued on 21.11.2001. The Cyprus branch first opened doors to its client in April 2002

Personnel

The Cyprus branch employs over 60 staff, all Russian-speaking. The opening hours of the branch are the same as of the Moscow office

Bank’s shareholders

European Bank for Reconstruction and Development – 11.7457%; Promsvyaz Capital B.V. – 88.2543%. According to IFRS, as at 01.01.2014, the bank had assets of 739 billion roubles and equity (capital) by Basel I of 98 billion roubles

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

—

Minimum balance, €

—

Transactions permitted per month

0

Initial deposit of funds, €

0

Deadline for the initial deposit, month

Transactions permitted per month

The bank sets no restrictions on the number of transactions. If no transactions were made during the year, the bank charges a higher account maintenance fee

Initial deposit of funds, €

There is no initial deposit

Minimum turnover, €/year

No restrictions

How fast payments are executed

Payments for same-day execution are accepted until 15:30. For USD – until 17:00 Cyprus time (- 1 hour)

Tariffs and services

180

Outcoming transfer, €

0

Incoming transfer, €

150

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

The fee for transfer is 0.4% of the amount (min. EUR 30, max. EUR 180). If the amount of transfer equals the balance of account, there is an additional charge of USD 100. A fee of USD 100 is charged for urgent same-day transfers in addition to the normal fee

Incoming transfer, €

There is no charge on incoming transfers

Account maintenance, €/year

There is no fee for opening or closing an account. Corporate account maintenance fee is USD 50 per quarter. If no outgoing or incoming transactions are made in the account during the year, the bank’s fee will be equal to the balance of account, but not more than USD 300

Payment limit for credit cards, €/day

Cash withdrawal from the account at cash advance points or ATMs of third-party banks is available within monthly limit and is capped at 300 000 roubles or an equivalent amount in another currency at the Bank of Russia exchange rate on the date of transaction

Distant access to the account

Protected Bank-Client system enables to create and send to the bank payment documents; quickly receive statements of transactions in the account during the day; receive additional information from the bank (exchange rates etc); Bank-Client system enables to operate an unlimited number of customer’s accounts and allows the customer to view the status of and transactions in such accounts

Financial products

Cash and payment services. Loans secured by deposit. Secured sale of property (paid domestic letter of credit, escrow services). Forex trading at market rate (no additional commission). Deposits at rates corresponding to Russian Office rates. It is possible to make Guaranteed Our payments or Urgent Priority payments

Credit/debit cards

Corporate debit bank cards MasterCard Worldwide in RUB, USD and EUR. Initial deposit to the account for issuing a card (including annual maintenance and minimum balance) is RUB 6 000 (per RUB card) or USD 200 (per USD card) or EUR 200 (per EUR card). Annual maintenance is RUB 3 000 / USD 100 / EUR 100. Minimum balance of account per card is RUB 3 000 / USD 100 / EUR 100

Account opening procedure

Days to open for incoming transfers

case by case

Days to open for outcoming transfers

case by case

References

Not necessary

Purpose of the account

Current

Visit to the bank

No visit to the bank is required

Required

Bank forms, copies of passports, standard set of corporate documents (for a corporate account), description of business and source of funds (KYC). For the initial application for account, the bank asks to complete a questionnaire

Types of accounts

Current

Opening procedure and Due Diligence

It is possible to open an account without visiting the country where the bank is located

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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How to open a bank account in Promsvyazbank – Cyprus

General information and rating

Minimum requirements

Tariffs and services

Account opening procedure

Banks of Cyprus

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