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Account Opening Proposal for
Piraeus Bank S.A. (Cyprus)1
1 Spyrou Kyprianou Avenue, 1065 Nicosia, P.O. Box 25700, 1393 Nicosia, Cyprus
The branch of the bank in Cyprus was founded in 2008. It belongs to Piraeus Bank Group financial group. In 1991, the group was privatized. The majority shareholding of Piraeus Bank S.A. (Cyrpus) belongs to the Greek bank of the group.
S&P: CCC/C; Fitch: CCC/C; Moody's: Caa2/E
Account management methods
Internet bank (in Russian/English), fax (with voice confirmation)
Types of accounts
Current, investment savings
EUR, USD, RUR
Minimum average monthly balance and other bank requirements for its clients
There is no minimum balance required.
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: EUR 160 per year (to be charged quarterly)
Incoming payments: EUR 2 - EUR 25
Outgoing payments in foreign currency: 0,15% of the amount (min EUR 5, max EUR 500)
Enabling of Internet bank service: EUR 40
Maintenance of Internet bank service: free of charge
Correspondence custody: EUR 45 per quarter
Bank offers various investment programs.
Short 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 office (Moscow) with the assistance of the bank officer and in the bank's representative office (Kyiv) with the assistance 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;
- client's business description (in free format);
- 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 a foreign or Russian bank.
IMPORTANT! If there is a nominee director in a company, it is necessary to provide an apostilled Power of Attorney as per the bank's form.
Terms of account activation (approximate)
15 business days from the date of receipt by the bank of all specified documents and information
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 2013.
2 Only short list of rates is given in this section. The complete list may be provided upon request.