The Central Bank of Cyprus (CBC) granted on 4 July 2014 an approval to the Russian Bank Zenit (Open Joint Stock Company) to establish and operate a representative office in Cyprus, as CBS announced recently.
Bank Zenit, established in December 1994, is the parent bank of the Zenit Banking Group which currently comprises five banks incorporated in the Russian Federation that provide a range of corporate, investment, private and retail banking services.
CBS noted that according to the provisions of the Law, a representative office of a foreign credit institution operating in Cyprus, is an office from which the interests of the institution to which it belongs are promoted or assisted but at which no business of a credit institution is carried on.
Source: CNA
