Part 2 of 3 of Email / Article Series!
Did you know that there is a third (!) banking merger in the works in Cyprus just in 2025?
Following the acquisition of Hellenic by Eurobank and that of Astrobank by AlphaBank, it has been confirmed that a Due Diligence process is underway for the acquisition of CDB Bank.
This inevitably leads to major challenges and changes:
- Reduced number of banking choices for traditional banks
- Increased backlog and delays in processing of new bank account applications
- Major Changes and re-shuffling of key personnel
What is a Company to do?
With multiple options in EMIs and PIs (learn more here), several of our clients now turn to neobanks and alternative providers that they can use to operate and access in a reasonable timeframe.
In any event, most traditional banks in Cyprus won’t onboard companies that don’t have sufficient substance in Cyprus.
As for a common question we get asked a lot: nowadays, payments to local authorities, the tax department and even social insurance, can now be made using a debit card (such as Visa or Mastercard).
Looking to find out more?
Read our articles shown below for further details:
Reach out for guidance to ensure a smooth process!
Tel: +357 22 622 262
Email: info@paraschou.com.cy
Web: www.paraschou.com.cy