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Cyprus PIO: News Update in English, 03-12-10

Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article

From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>

  • [01]Wednesday, 10 December 2003 House President meets with the President of Armenia's National Assembly
  • [02] Kazkommertsbank of Kazakhstan has been licensed to establish a branch in Cyprus

    [01] House President meets with the President of Armenia's National Assembly

    The President of the House of Representatives Mr Demetris Christofias had a meeting yesterday with Armenia's National Assembly President Mr Arthur Baghdasaryan, who arrived in Cyprus on Monday for a four-day official visit, at the invitation of Mr Christofias. During the meeting Mr Christofias and Mr Baghdasaryan signed a cooperation protocol to further develop relations between the two parliaments. Armenia's National Assembly President extended an invitation to Mr Christofias to visit Armenia, which was accepted. In a statement, after the signing ceremony, Mr Christofias said the Protocol outlines common political positions and dedication to common principles of international law and the respect of the independence and sovereignty of nations and of human rights. The Protocol, he added, includes practical ways to express cooperation and friendship and to develop relations in the economic, social and cultural fields. The House President noted that apart from the exchanges between the two parliaments, a permanent Inter-Parliamentary Committee would be set up to monitor the implementation of the protocol, to put forward new proposals and suggest measures to promote relations. For his part, Mr Baghdasaryan said that the signing of the Protocol would further enhance relations not only on parliamentary but also on government level. He said that the setting up of the Inter - Parliamentary Committee would enable the two countries to promote their relations in all sectors, adding that the Armenian delegation had already had discussions in the fields of education and culture. Praising the friendly relations between the two countries, Mr Baghdasaryan said that Armenia would be ready to assist Cyprus at any time and expressed the certainty that Cyprus would do the same for Armenia. Mr Baghdasaryan also had talks yesterday with the Minister of Finance Mr Marcos Kyprianou and the Minister of Education and Culture Mr Pefkios Georgiades.

    [02] Kazkommertsbank of Kazakhstan has been licensed to establish a branch in Cyprus

    The Central Bank of Cyprus issued on 8 December 2003 the following press release: 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 of 1997, has today granted a banking business licence to Kazkommertsbank of Kazakhstan, to carry on banking business in and from within Cyprus through a branch in the form of an International Banking Unit ("IBU"). Kazkommertsbank was established in Kazakhstan in 1990. It offers a wide range of banking services and is the largest bank in Kazakhstan in terms of total assets, capital base, deposits and loans and advances. Kazkommertsbank's IBU will deal, to the extent presently allowed by the provisions of the Exchange Control Law, with natural or legal persons who are residents or non-residents of Cyprus, situated either in Cyprus or abroad. Kazkommertsbank's IBU will be subject to the supervision and inspection of both the Central Bank of Cyprus and the National (Central) Bank of Kazakhstan. Kazkommertsbank is the first bank from Kazakhstan which has been allowed to establish an International Banking Unit in Cyprus. Its decision to carry on banking business from within Cyprus is another indication of our country's success in attracting international banks and financial institutions as a result of Cyprus's international recognition as a reputable regional banking / financial centre and of the business opportunities which are expected to arise with the accession of Cyprus to the European Union. Currently, there are 29 IBUs operating from within Cyprus and 1 Representative Office of a foreign bank in Cyprus. Other foreign banks have expressed a similar interest to establish IBUs in Cyprus and more banking business licences are expected to be granted in the near future.

    From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/


    Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article
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