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We are pleased to announce the creation of BNP Paribas Cyprus Limited, a 100% wholly owned subsidiary of BNP Paribas of France, which will be carrying banking business in Cyprus in the form of an International Business Unit. BNP Paribas Cyprus Limited will take over all assets, liabilities, rights and obligations of the BNPI branch in Cyprus (operating since 1985 in the form of an International Banking Unit from its Limassol Headquarters).

BNP Paribas Cyprus Limited will continue to deal solely in foreign currencies and transact business with its non-resident clients. Additionally, it will now start to offer the full range of the Group's products and services to Cyprus residents as well. This will be done in accordance with the laws and regulations of the Central Bank of Cyprus and within the framework of the liberalization of the Cyprus financial system, as part of the Cyprus entry in the E.U. The Bank will consequently now be offering, in foreign currency only, corporate and investment banking, asset management and private banking services to Cyprus residents (individual and institutional investors).

BNP Paribas ( is a European leader in banking and financial services, with leading positions in Asia and an active presence in the United States. It is the first bank in terms of net income and market capitalisation in the Euro zone. The group has one of the largest international banking networks with a presence in 85 countries and more than 85,000 employees, including 65,000 in Europe. BNP Paribas enjoys key positions in Corporate and Investment Banking, Private Banking & Asset Management, Insurance, Securities Services and Retail Banking.

The Bank's decision to upgrade its presence in Cyprus was implemented within the framework of a strategic restructuring of the Group's international branch network, taken also into account the Cyprus's forthcoming entry in the European Union. The Group's vast expertise in all banking and financial business areas and its global retail network will be at the disposal of both Cyprus resident and non resident clients through BNP PARIBAS Cyprus Limited.

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