GSL / Offshore and International Law / Offshore Banking / Promsvyazbank – Cyprus

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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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

    Banks of Cyprus

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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