There are seven local banks operating in Cyprus.

According to Cyprus Securities and Exchange Commission’s (“CySEC”) announcement dated 9th of July 2015, the process starting from the date of granting the authorization of anew firm until the date of its activation, is as follows:

The following developments have taken place with regards to Cyprus' DTT network:

The potential existence of a massive gas field just south of Cyprus’ Exclusive Economic Zone (EEZ) will benefit the island by upgrading its geostrategic role, President Nicos Anastasiades said recently.

Italian group ENI said recently it had discovered the largest known gas field in the Mediterranean off the Egyptian coast, predicting the find could help meet Egypt’s gas needs for decades to come.

RCB Bank has announced the opening of another branch in Nicosia, as part of its strategy to expand its operations.

The government may consider requesting a credit-line from international creditors before the end of 2015 in the form of a safety net that could potentially protect the vulnerable economy from external shocks, Finance Minister Harris Georgiades said.

Deposits in the Cypriot banking system rose by €238m in July 2015 compared to June to €46.2bn, mainly on increased deposits held by non-Cyprus residents, as deleveraging continues, the Central Bank of Cyprus said.

Bank of Cyprus, the island’s biggest lender, has reported two quarters of profits, improved its funding structure, boosted capital and lowered its reliance on EU emergency funds.

Emergency Liquidity Assistance for Bank of Cyprus (BoC) has dropped below half its peak level for the first time according to data from the Central Bank of Cyprus.