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Cyprus: An Emerging Offshore Banking and Financial Centre

In: The Banking System of Cyprus

Author

Listed:
  • Kate Phylaktis

    (City University Business School)

Abstract

Up to now we have been concerned with the onshore banking activity in Cyprus. In this chapter, we will examine the offshore banking sector, its establishment, growth and prospects. We will examine, first, the factors that are known to attract foreign banks and financial services companies in general to the island. We will look at the reasons why foreign banks decided to set up OBUs in Cyprus and where interest is likely to come from and why. Finally, we will compare the experience of Cyprus as an offshore banking centre with that of Bahrain, as the latter is the main competitor for current and prospective offshore banking activity.

Suggested Citation

  • Kate Phylaktis, 1995. "Cyprus: An Emerging Offshore Banking and Financial Centre," Palgrave Macmillan Books, in: The Banking System of Cyprus, chapter 7, pages 125-133, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12868-6_7
    DOI: 10.1007/978-1-349-12868-6_7
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