News

New lifetime ISA saving account may be more popular than the current UK pension scheme

The new UK Budget’s agenda has been released and with it, new plans to introduce the 'Lifetime' Individual Savings Account (commonly referred to as ISA, however the new type of account will be known as LISA), a tax-free savings account available in the UK for a longer period of time.


German state plan to use stolen data against Swiss Banks

German authorities are planning to utilise stolen banking data in order to target around 40 more Swiss banks for assisting people to evade their tax obligations.


Number of Swiss banks set to decline over next few years

According to the SBA’s (Swiss Bankers Association) annual report on the sector, the number of Swiss banks has declined to 275 at the end of 2014.


Central Bank of Cyprus asks restructure of the Banks

The Central Bank of Cyprus advised banks to submit their progress of restructuring loans in Cyprus on a quarterly basis.


Swiss Cabinet rejects banking secrecy initiative

The Swiss parliament has been urged by the cabinet to reject the initiative to maintain banking secrecy for domestic private clients. Switzerland’s tradition of banking secrecy has been under pressure in recent years.


Frozen Uzbekistan funds in Swiss accounts

Switzerland has agreed to freeze funds in Swiss bank accounts that are suspected to be in connection with the Uzbekistan President’s daughter, after a request from the US was received.


Bank of Cyprus fills the gap left by Barclays bank

This week the Bank of Cyprus (BoC) released details on what ex-Barclays account holders should to relocate their business to Bank of Cyprus UK.


RCB to become ‘major’ Cypriot bank

Since the remaining capital restrictions in Cyprus were lifted in April, RCB Bank has been steadily building up its strategy to further develop its domestic business according to a source.


Hellenic to take over Bank of Piraeus?

Hellenic Bank is the second largest bank in Cyprus, and as is apparently in talks to purchase the Bank of Piraeus Cyprus, as stated from a Hellenic Bank source.