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EFG Bank (Luxembourg) Cyprus Branch to Provide Depositary Services to Cyprus AIFs

EFG Bank (Luxembourg) Cyprus Branch to Provide Depositary Services to Cyprus AIFs

On the 5th July 2017, EFG Bank (Luxembourg) SA - Cyprus Branch was informed by the Central Bank of Cyprus on the extension of its branch activities to provide custody/depositary services in accordance with Article 39 of the Directive 2013/36/EU following the notification received on 16th June 2017 by the Commission de Surveillance du Secteur Financier of Luxembourg (CSSF).

Following CSSF and Central Bank approvals and by capitalizing on the experience, systems and processes of EFG Group, EFG Bank (Luxembourg) S.A  - Cyprus Branch will commence immediately offering AIFMD compliant depositary services to Cyprus AIFs. 

EFG Bank (Luxembourg) SA - Cyprus Branch is part of EFG International, a global private banking and asset management group headquartered in Zurich, Switzerland, and that has operations in around 40 locations worldwide. EFG International’s registered shares (EFGN) were listed on the SIX Swiss Exchange on 7 October 2005 (4th biggest listing) and it is currently rated by Moody’s with an A3 rating and by Fitch with an A rating.

EFG Bank (Luxembourg) SA - Cyprus Branch has offices in Nicosia and Limassol, whereas the Fund Services are located at its Nicosia office , 23 Kennedy Avenue, GLOBE HOUSE, (tel: +357 22 025903).

The Country Manager of the Cyprus Branch Costas Stylianou stated that the extension of the Cyprus Branch for the provision of depositary services shows the support of EFG Group in the emerging Cyprus Fund industry, whereas the Manager responsible for the provision of Fund services in Cyprus, Constantinos Papanastasiou, stated that EFG Bank is the first international investment grade organization offering AIFMD compliant depositary services in Cyprus.

 

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