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