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Account Opening Proposal for
Bank of Cyprus (Cyprus)1
P.O. Box 21472, 1599 Nicosia, Cyprus
The bank was founded in 1899. Its activity covers a considerable part of banking services market of Cyprus. The bank has over 250 offices, as well as subsidiary banks in England, Greece, Australia, and South Africa. The bank is a public limited company, with its shares listed on leading exchanges. Generally, the shares are owned by private individuals and bank managers and officers.
Moody's: Сa/E; Fitch: RD/RD
Methods of Account Management
Internet bank (in Russian and English), fax
Types of Accounts
Opening of an investment savings account is possible only subject to the existence of a current account.
Currencies of Account
USD, EUR, and RUR
Minimum Monthly Balance and Other Bank Requirements for its Clients
There is no minimum balance required.
The initial deposit for the account activation amounts to EUR 200.
The bank reserves the right to require any documents (contracts, agreements, payment invoices, statements of source of client's funds etc.) both prior to the account opening and upon the execution of payments on the account.
Account opening: free of charge
Account closing: free of charge
Account maintenance: free of charge
Incoming payments: free of charge - EUR 40
Outgoing payments: upon request (depends on the payment amount and currency, destination country)
Enabling of Internet bank service: free of charge
Maintenance of Internet bank service: EUR 150 per year (to be charged quarterly)
Correspondence custody: upon request
Language of Communication
Bank offers various investment programs.
Brief Description of Account Opening Procedure
Filling in and signature of the forms required for bank account opening, and all other actions necessary for account opening take place in our company (Moscow) with the presence of the bank officer, and in the bank representative office (St. Petersburg, Kyiv) with the presence of our specialist of Banking Services Department. The presence of the beneficiary and the account signatory is obligatory.
Documents and information necessary to open the account:
- originals of corporate documents and seal of the company;
- business description of the client (in free format);
- provision of information about the address of actual conduct of business is obligatory;
- originals of documents certifying the identity and residence address of the beneficiary and the account signatory;
- notice of an account held by the beneficiary and the account signatory in another bank.
IMPORTANT! It is necessary to provide the bank with an apostilled PoA and a resolution to grant PoA. Both documents are to be executed according to the bank's form.
Period of Account Opening (approximately)
12 business days from the date of receipt by the bank of all specified documents, information and initial deposit.
Fees for account opening assistance
Note! Important information!
In case of the bank's refusal to open the account:
1) due to the fault of our officer, 100% of the cost of account opening services shall be refunded to a client;
2) due to other reason, e.g. if the bank found information about the client in the Internet, which appears suspicious to the bank, or if the bank ceased to open accounts for companies with the given activity or with partners from certain countries etc., 50% of the cost of account opening services shall be refunded to a client;
3) due to the client's fault to submit necessary information/documents to the bank, or if the client provided the bank with a false information etc., services of the company shall be deemed rendered in full, and the cost of account opening services shall not be refunded.
1 Information as of January 2014.
2 Only short list of rates is given in this section. The complete list may be provided upon request.