JSC LTB Bank of Latvia, exercising its right of the freedom of establishment and in accordance with article 10A(1) of the Banking Law No 66(I) of 1997, as subsequently amended, has informed the Central Bank of Cyprus of its intent to open a branch in Cyprus.
JSC LTB Bank operates in Latvia since 1991 and is a 100% subsidiary of MDM Bank, which is one of the largest privately owned banks of Russia.
The decision of JSC LTB Bank to establish a branch in Cyprus further emphasises Cyprus` international recognition as a reputable European financial centre.
At present, 35 foreign credit institutions operate in Cyprus, either in the form of a subsidiary bank or a branch, from 14 different countries (Austria, Bulgaria, France, Greece, the United Kingdom, Jordan, Ireland, Latvia, Lebanon, Ukraine, Romania, Russia, Tanzania, and Jersey).
The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.