Offshore Banks Reduced from 60 to 4

The number of offshore banks, which was around 60 in the early 2010s, has decreased to less than a handful.

Following steps taken to prevent the laundering of criminal proceeds, a large number of offshore banks lost their licenses, and some ceased operations and withdrew from the country.

According to data from the TRNC Central Bank, the banking licenses of 53 of these banks were canceled in accordance with current laws. Three of the IBU units ended their operations through voluntary liquidation.

ONLY 4 LEFT

The Offshore Banking Law No. 46/2000 was repealed by the International Banking Units Law No. 41/2008, which came into effect on August 5, 2008. According to the new law, the term "Off-Shore" was removed from the bank names, and replaced with "IBU Ltd." or "International Banking Unit Ltd." or "UBB Ltd." or "Uluslararası Bankacılık Birimi Ltd."

According to the TRNC Central Bank records, the IBUs currently operating in the country are:

• Atlas International Banking Unit Ltd.

• Mondial Private International Banking Ltd.

• Şekerbank International Banking Unit Ltd.

• Allied Turkish International Banking Unit Ltd.

TOTAL ASSETS: $234 MILLION

As of the latest data announced by the TRNC Central Bank for September 2023, there were 5 offshore banks in operation. However, in December 2023, the license of Euro Deniz International Banking Unit Ltd. was canceled, reducing the number to 4.

Data released for September 2023 showed that the total assets of the 5 IBUs were $233.8 million. Cash and cash equivalents decreased to $30.3 million, gross loans to $184.3 million, while other assets increased to $19.2 million.

Between December 2022 and September 2023, deposits in IBUs decreased by 9.58%, from $208.8 million to $188.8 million. According to the latest publicly available data, equity decreased to $41.7 million, while other liabilities increased to $3.3 million.

Source: Haber Kıbrıs