Question 1

What is Privatbank Cyprus?

Accepted Answer

Privatbank Cyprus is the Cypriot branch of Joint Stock Company Commercial Bank "Privatbank," a major Ukrainian banking institution. Established in Nicosia, the branch operated as a non-EEA branch providing retail and corporate banking services to domestic and international customers. However, following the nationalization of Privatbank (Ukraine) in December 2016, the Central Bank of Cyprus significantly limited the branch's banking license on December 20, 2016. The branch now operates under restricted conditions, only handling existing obligations rather than conducting new banking business.

Question 2

When was Privatbank Cyprus founded?

Accepted Answer

Privatbank Cyprus was opened in Nicosia on July 20, 1999, receiving license No. BS 4523 from the Central Bank of Cyprus. The parent institution, Commercial Bank "Privatbank," is one of Ukraine's largest banks with a long history in Ukrainian banking. The Cyprus branch served as an international extension of Privatbank's operations until its license was restricted in December 2016.

Question 3

Where is Privatbank Cyprus headquartered?

Accepted Answer

Privatbank Cyprus is located at 62 Athalassas Avenue, Office 32, Strovolos, 2012, Nicosia, Cyprus. Nicosia is the capital city of Cyprus.

Question 4

Where does Privatbank Cyprus operate?

Accepted Answer

The branch operated in Cyprus, serving customers in Nicosia and the surrounding regions. As a non-EEA branch of a Ukrainian parent bank, it provided cross-border banking services connecting Cyprus with Ukraine and international markets. Since December 2016, operations have been restricted to managing existing accounts and obligations rather than conducting new business.

Question 5

What services does Privatbank Cyprus offer?

Accepted Answer

Under current restrictions, Privatbank Cyprus is authorized only to engage in limited banking activities including the repayment or renewal of existing deposits, acceptance of payments towards existing credit facilities, and repayment of administrative expenses relating to branch operations. Prior to the license restriction, the branch offered retail banking services including current accounts, payment cards, savings accounts, and time deposit accounts, as well as corporate banking services including business loans and corporate accounts. Services were available through branches, online banking systems, and mobile applications.

Question 6

What makes Privatbank Cyprus unique?

Accepted Answer

Privatbank Cyprus represents a unique case in European banking as a non-EEA branch that operated under Cyprus's deposit guarantee scheme. The branch protected deposits up to €100,000 per depositor through Cyprus's Deposit Guarantee Fund for Banks, despite being part of a Ukrainian parent institution. Following the nationalization of the Ukrainian parent bank in 2016, the Cyprus branch provides an important example of how regulatory authorities manage cross-border banking operations during parent institution restructuring. The branch continues to service existing obligations while operating under significant regulatory restrictions.

Question 7

What type of financial institution is Privatbank Cyprus?

Accepted Answer

Privatbank Cyprus is a Non-EEA Branch (CRDNONEEA_BRA) of Joint Stock Company Commercial Bank "Privatbank," headquartered in Ukraine. The branch is authorized and supervised by the Central Bank of Cyprus. It participates in Cyprus's Deposit Guarantee Fund for Banks, providing coverage for deposits up to €100,000. The non-EEA branch designation reflects that the parent institution is located outside the European Economic Area, requiring different regulatory treatment compared to branches of banks from EEA member states.

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About Privatbank Cyprus in Cyprus