22/03/2007 15:50
The interest on behalf of the European banks to expand their activities in Cyprus has culminated. At the same time that the Cypriot banks are interested in becoming actively involved in the Balkans, banks from SE Europe have expressed a wish to arrive in Cyprus. Following Romania’s accession in the EU on 1/1/2007, Banca Transilvania SA expressed its interest to expand its operations in the domestic market.
Banca Transilvania S.A. began its operations in 1994, and was listed on the Bucharest Stock Exchange in 1997. Since 2002, the European Bank for Reconstruction and Development is the bank’s biggest shareholder (15%), while, in accordance with its charter, no other shareholder, can hold more than 5% of its capital. The majority of the bank’s capital is in the hands of private Romanian investors.
Banca Transilvania S.A. is the 6th biggest bank in Romania, with total assets of the order of €1.381 million as at the end of 2005. The bank is a member of “Banca Transilvania Financial Group”, whose object of activity is in the banking, investment and insurance field, offering the full range of banking, investment and insurance services.
The primary responsibility for the prudential supervision of the branch of Banca Transilvania S.A. in Cyprus will lie with the National Bank of Romania. Moreover, the liquidity of the branch will be subject to the inspection and supervision of the Central Bank of Cyprus, which may require from Banca Transilvania S.A. the same information as it requires for that purpose from a bank to which a licence has been granted. Furthermore, the branch of Banca Transilvania S.A. will be subject to all the measures taken by the Central Bank of Cyprus with regard to the implementation of the monetary policy.
According to the Central Bank of Cyprus, “the decision of Banca Transilvania S.A. to establish a branch in Cyprus, is another indication of Cyprus’s success in attracting foreign credit institutions, as a result of our country’s international recognition as a reputable regional financial centre, especially, after its accession to the European Union”.
There are at present, 30 foreign credit institutions from 13 different countries (Austria, Bulgaria, France, Greece, the United Kingdom, Jordan, Ireland, Latvia, Lebanon, Ukraine, Russia, Tanzania, and Jersey), which operate in Cyprus either in the form of a subsidiary bank or branch.
Banca Transilvania S.A. began its operations in 1994, and was listed on the Bucharest Stock Exchange in 1997. Since 2002, the European Bank for Reconstruction and Development is the bank’s biggest shareholder (15%), while, in accordance with its charter, no other shareholder, can hold more than 5% of its capital. The majority of the bank’s capital is in the hands of private Romanian investors.
Banca Transilvania S.A. is the 6th biggest bank in Romania, with total assets of the order of €1.381 million as at the end of 2005. The bank is a member of “Banca Transilvania Financial Group”, whose object of activity is in the banking, investment and insurance field, offering the full range of banking, investment and insurance services.
The primary responsibility for the prudential supervision of the branch of Banca Transilvania S.A. in Cyprus will lie with the National Bank of Romania. Moreover, the liquidity of the branch will be subject to the inspection and supervision of the Central Bank of Cyprus, which may require from Banca Transilvania S.A. the same information as it requires for that purpose from a bank to which a licence has been granted. Furthermore, the branch of Banca Transilvania S.A. will be subject to all the measures taken by the Central Bank of Cyprus with regard to the implementation of the monetary policy.
According to the Central Bank of Cyprus, “the decision of Banca Transilvania S.A. to establish a branch in Cyprus, is another indication of Cyprus’s success in attracting foreign credit institutions, as a result of our country’s international recognition as a reputable regional financial centre, especially, after its accession to the European Union”.
There are at present, 30 foreign credit institutions from 13 different countries (Austria, Bulgaria, France, Greece, the United Kingdom, Jordan, Ireland, Latvia, Lebanon, Ukraine, Russia, Tanzania, and Jersey), which operate in Cyprus either in the form of a subsidiary bank or branch.
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