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Cyprus PIO: News Update in English, 01-05-29
From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>
Tuesday, 29 May 2001
CONTENTS
- [01] Final distribution of seats
- [02] Jordan Kuwait Bank granted Cyprus licence
[01] Final distribution of seats
The AKEL party won the most seats in Sunday's parliamentary elections with
20 seats, followed by the ruling Democratic Rally party with 19, in a
reversal of the two parties' positions from the previous elections five
years ago.
The Democratic Party (DIKO) won 9 seats and the Movement of Social
Democrats (KISOS) won 4, both losing one seat each. The United Democrats
(EDI) also lost one of their two seats. The New Horizons party, the
Fighting Democratic Movement (ADIK) and the Ecologists Movement gained a
seat each for the first time.
[02] Jordan Kuwait Bank granted Cyprus licence
The Governor of the Central Bank of Cyprus, Afxentis Afxentiou, has granted
a banking business licence to Jordan Kuwait Bank of Jordan to carry on
banking business in and from within Cyprus through a branch in the form of
an International Banking Unit.
Jordan Kuwait Bank's IBU will deal primarily in foreign currencies and
transact business with natural or legal persons who are non-residents of
Cyprus, situated either in Cyprus or abroad.
Jordan Kuwait Bank is the fourth bank from Jordan 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 the island's
success in attracting international banks and financial institutions as a
result of its 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 30 IBUs operating from within Cyprus and three
Representative Offices of foreign banks 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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