Piraeus Bank (Cyprus) Ltd - Intax Info
Piraeus Bank (Cyprus) Ltd - Intax Info
Piraeus Bank (Cyprus) Ltd - Intax Info
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<strong>Piraeus</strong> <strong>Bank</strong> (<strong>Cyprus</strong>) <strong>Ltd</strong><strong>Cyprus</strong> <strong>Bank</strong>ing SystemConstantinos LoizidesChairman, <strong>Piraeus</strong> <strong>Bank</strong> (<strong>Cyprus</strong>) <strong>Ltd</strong> March 2010
<strong>Cyprus</strong>: A small country will a strong economy within the EU Strong, free market economy and full member of the European Union andthe Economic and Monetary Union More than 100,000 new companies registered in the last 5 years Advantageous tax regime in accordance with European Union policies Flexible economy which adjusts easier to downturns of economic activity Reputable international business centre with enormous growth potential,based on strong regulation, sound supervision and a well balancedportfolio of services. Above Euro zone GDP growth rates, not highly leveraged economy Stable Political, Legal and Tax environment. Highly efficient and supportive government bodies and private sector Strategic location; proximity to Western and Eastern European marketsand close to Middle East and Gulf markets2
<strong>Cyprus</strong> Macroeconomic Data2009 2008 2007GDP Nominal (in €bn) 17 17 16GDP per capita (in €) 22,000 22,200 19,800GDP real growth (% yearly basis) -0.5% 3.6% 4.4%Budget Balance (% GDP) -4.1% 0.9% 3.5%Government Debt / GDP 53% 49% 59%Population (000s) 768 761 785RatingS&P A+ / Stable / A-1Moody’s AA3 / Stable / P-1Fitch AA- / Stable / F1+3
Eastern Mediterranean OutlookAaa30.3A28.4Ba2Aa1Aa2Aa3A137Eurozone31.0AA38.5B22.7N/AA2A322BBB+30.0A13.8Ba2Ba1Ba2Ba3B1B22.4Ba1B3GDP/Capita (in $ 000)Moody’s LT Rating
Financial Services: The biggest industry in <strong>Cyprus</strong>CENTRAL BANKRobust RegulationSERVICES PROVIDERS(e.g: tax advisors, lawyers)HighProfessionalismHighly EducatedWorkforceCYPRUS GOVERNMENT•<strong>Bank</strong> Secrecy and Confidentiality Protection•Advantageous Tax RegimeCUSTOMERExtensive Network ofCorrespondentsSignificantExperienceDevelopedInfrastructureWORLDWIDECONNECTIONSCYPRUS BANKING SYSTEMAll sectors providing international services are highly experienced and qualified and wellintegrated in a chain to offer efficiently, quality and cost-benefit service…
<strong>Cyprus</strong> as an International Financial Centre Access to European Union» <strong>Bank</strong>s registered in <strong>Cyprus</strong> tend to have substantial banking operations andcommitment in South-Eastern Europe thus offering an efficient partner, linkingmany countries through <strong>Cyprus</strong> with the European Union. International facilitation of businesstransactions» Through <strong>Piraeus</strong> <strong>Bank</strong> (<strong>Cyprus</strong>),organizations / companies can becomeactive in any of the countries where <strong>Piraeus</strong><strong>Bank</strong> has a presence being at the sametime supported by a local <strong>Piraeus</strong> <strong>Bank</strong> inthat country.• Seamless, low cost cooperation in the eyes ofthe customer.UKSerbiaAlbaniaUkraineRomaniaGreeceBulgariaRussia<strong>Cyprus</strong>• Client dealing directly with one major regionalbanking group.• Through the double taxation treaties, manyefficient investment structures can be created,with <strong>Cyprus</strong> as part of an investment/holdingtriangle.Egypt6
Foreign Direct Investments Out of <strong>Cyprus</strong> <strong>Cyprus</strong> is highly utilised as a central financial hub to direct investmentsworldwide.Out <strong>Cyprus</strong>FDIYearVolume(mm)% Total RankRussia 2009 $8,286 10.1% 3 rdUkraine 2009 $8,593 21.5% 1 stBulgaria 2008 €1,861 5.1%Romania 2008 €1,896 3.9% 8 th6 th7
<strong>Cyprus</strong> Tax Advantages 10% corporate tax rate, the lowest in the EU Wide network of double tax treaties covering 40 countries No estate duty No tax on employees emoluments working abroad No tax on sales of shares No tax on net profits of shipping companies 4.25% tax on net profits of ship-management companies No tax on profits of international trusts No or limited withholding tax on dividends Under some circumstances no capital gains tax.8
<strong>Cyprus</strong> <strong>Bank</strong>s outlook No Sub-prime Assets» Cypriot banks have no direct exposure to sub-prime or other derivative linkedassets. Liquidity at high levels due to» Large deposits base» Prudent supervision by the Central <strong>Bank</strong> of <strong>Cyprus</strong> Future growth drivers include» International expansion» International Business <strong>Bank</strong>ing in <strong>Cyprus</strong>» <strong>Cyprus</strong> is rapidly evolving into a financial services center <strong>Bank</strong>ing Operations» Widespread shareholder base» 18 registered banks operating in <strong>Cyprus</strong>» 26 foreign banks operate branches» 359 Co-operative Credit Societies Institutions9
Advantages of banking in <strong>Cyprus</strong> International Recognition» Privately owned banks» Highly rated by the world’s leading rating agencies International Standards» Legal, accounting and banking systems based mainly on English practices» Adhering to International Financial Reporting Standards (IFRS) since 1982» <strong>Bank</strong>ing laws that protect investor confidentiality Experienced employees» Highly qualified managerial, clerical and technical staff Worldwide network» Wide network of correspondent accounts» Ability to open accounts in all major currencies» Excellent relations with European countries, Russia, Ukraine, countries of the Middle East andthe Gulf, India. Highly Regulated <strong>Bank</strong>s» EU derived legislation on financial matters» Central <strong>Bank</strong> of <strong>Cyprus</strong> works closely with European Central <strong>Bank</strong> and regulates accordingly» Robust internal procedures» Strict Anti Money Laundering Standards10
<strong>Bank</strong> Secrecy Law Strict legal confidentiality restriction protecting bank customer» It is prohibited by law to disclose any information concerning the account ofspecific customer of the bank, except in cases of criminal offense. <strong>Bank</strong>ing Law 66(1) of 1997: 5.29(I):» It is prohibited for any Director, the Chief Executive Officer, Manager, Officer,employee or bank representative and to any other person who has by any meansaccess to the <strong>Bank</strong>’s archives to give, reveal or use for his own benefit anyinformation concerning the account of a specific customer of the <strong>Bank</strong> during thecourse of his employment or his professional relationship with the <strong>Bank</strong>, dependingon the case, or after the termination thereof
<strong>Cyprus</strong> <strong>Bank</strong>ing DataDeposits (€bn) 2009 2008 2007EUR 42.0 38.1 34.0Residents 34.4 32.2 28.5Non-Residents 7.6 5.9 5.5FCY 16.2 17.9 18.5Residents 6.7 7.3 3.7Non-Residents 9.5 10.6 14.8Total 58.2 56.0 52.5Loans (€bn) 2009 2008 2007EUR 45.0 41.3 33.1Residents 39.5 36.7 30.2Non-Residents 5.5 4.6 2.9FCY 12.9 13.4 7.9Residents 6.2 6.8 3.8Non-Residents 6.7 6.6 4.1Total 57.9 54.7 41.012
<strong>Piraeus</strong> <strong>Bank</strong> Group: Corporate Profile<strong>Piraeus</strong> Group at a glance» Universal <strong>Bank</strong> with focus on SMEs and Retail<strong>Bank</strong>ingGreat diversity of shareholder Base(Dec. 2009)» 18 years of solid growth, mainly organic, selectiveM&A» 4th largest bank in Greece; growing internationalpresence» Operations in 11 other countries: 4 EU membersGreek InstitutionalInvestors11.8%InternationalInstitutionalInvestors 28.1%The <strong>Piraeus</strong> <strong>Bank</strong>logo represents thefront section of the‘’trireme” (Greek:Trieres), renownedancient battleshipthat appeared in theGreek seas around700 BC. Its name isderived from thethree rows of oars oneach side. It wasdesigned to coverlong distancesquickly under oar andsail and the design ofthe front part allowedit to ram enemy ships» 870 branches and 13,400 employees well-trained,flexible, IT familiar» Successful management track record» Recognized excellence in e-banking (winbank)» High ranking in independent customer satisfactionsurveys Key Facts (Dec. 2009)» €780 Profit before Provisions, € 201 Profit after tax» Net loans €37.7 bn, deposits €30.8 bn, total assets€54 bn and total equity €3.6 bn» Capital adequacy ratio 9.8% (e), Tier I 9.1%(e)Individuals37.3%Companies 20.3%GreekState 2.5%» ~147k shareholders» 37% private investors, 63% legal entities» No holder with >5% of share capital» Dedicated Investor Relations divisionand Shareholder Registry, open to theinvestment community» Tangible equity / tangible assets 5.4%15
<strong>Piraeus</strong> <strong>Bank</strong> Group International PresenceVolumes, Presence & ResourcesDec. ’09 in mn € Assets Loans DepositsGreece 41,362 29,971 25,894Albania 631 446 410Bulgaria 1,989 1,564 655Romania 2,619 1,812 1,142Serbia 497 389 154Ukraine 272 223 63South Eastern Europe 6,008 4,435 2,423Egypt 1,313 713 1,091<strong>Cyprus</strong> 1,250 616 774Eastern Mediterranean 2,563 1,329 1,865USA, New York 579 390 506UK, London(incl loans to EU firms)3,768 2,558 67<strong>Piraeus</strong> <strong>Bank</strong> Group 54,280 38,683 30,75517
<strong>Piraeus</strong> <strong>Bank</strong> (<strong>Cyprus</strong>) <strong>Ltd</strong>Chairman & Managing DirectorConstantinos LoizidesTel: +357 22 575 700constantinos.loizides@piraeusbank.com.cyContact DetailsCustody ServicesGeorge YemenitzisTel: +357 22 575 668george.yemenitzis@piraeusbank.com.cyWealth ManagementMarios LoizidesTel: +357 22 575 645marios.loizides@piraeusbank.com.cyMoscow Representative OfficeYiannis IoannouTel: +7 495 935 8618yiannis.ioannou@piraeusbank.grFund ManagementMarios DemetriadesTel: +357 22 575 559marios.demetriades@piraeusbank.com.cySymeon SymeouAkis LysiotisEleni ChrysanthouMichalis KorfiotisTatiana IoannouVictoria KalyvitouDimitris ZisimidisChristina DoritouThanos EllinasEvangelia KapnistouInternational <strong>Bank</strong>ing UnitTelephone E-mail+357 22 575 576 symeon.symeou@piraeusbank.com.cy+357 22 575 572 akis.lysiotis@piraeusbank.com.cy+357 22 575 569 eleni.chrysanthou@piraeusbank.com.cy+357 22 575 694 michael.korfiotis@piraeusbank.com.cy+357 22 575 575 tatiana.ioannou@piraeusbank.com.cy+357 22 575 574 victoria.kalyvitou@piraeusbank.com.cy+357 25 965 006 dimitris.zisimidis@piraeusbank.com.cy+357 25 965 007 christina.doritou@piraeusbank.com.cy+357 25 965 009 thanos.ellinas@piraeusbank.com.cy+357 25 965 023 evangelia.kapnistou@piraeusbank.com.cy
<strong>Piraeus</strong> <strong>Bank</strong> (<strong>Cyprus</strong>) <strong>Ltd</strong>Main OfficesNicosiaAddress: 1 Spyrou Kyprianou Ave, 1065, NicosiaTel: +357 22 575 576Fax: +357 22767 655PaphosAddress: 17 Neofytou Nicolaide, 8011 PaphosTel: +357 26 205 400Fax: +357 26 910 446LimassolAddress: 25 Kolonakiou Ave., 3302 LimassolTel: +357 25 965 016Fax: +357 25 314 219ParalimniAddress: 129 Griva Digeni Ave., 5281 ParalimniTel: +357 23 205 300Fax: +357 23 740 614LarnacaAddress: 6 Grigori Afxentiou Ave., 6023 LarnacaTel: +357 24 205 220Fax: +357 24 625 087MoscowAddress: Trehprudny Business CenterTrehprudny Pereulok 9, BLD 2, Office 204Tel: +7 495 935 8618Fax: +7 495 935 8619
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