The Central Bank of Cyprus has recently granted a banking business licence to “Intercontinental Bank of Lebanon SAL” of Lebanon, to carry on banking business in Cyprus through a branch.
“Intercontinental Bank of Lebanon SAL” was established in Lebanon in 1961 under the name “Development Bank SAL”. The bank’s name was changed in 1982 to the current. The bank, which provides a full range of banking services, operates through a network of 13 branches in Lebanon and two representative offices abroad. It ranks 13th in terms of total assets, among banks operating in Lebanon.
The branch of “Intercontinental Bank of Lebanon SAL” in Cyprus will be subject to the primary supervision and inspection of the Banking Control Commission of Lebanon, as well as to the supervision and inspection of the Central Bank of Cyprus. The said supervisory authorities have already signed a Memorandum of Understanding in the field of banking supervision, thus facilitating the prudential supervision and inspection of credit institutions with a cross-border establishment in the two countries.
At present, eight other Lebanese banks are operating in Cyprus in the form of a branch.