AstroBank Limited (Cyprus) – former Piraeus Bank Cyprus

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AstroBank Limited (Cyprus) – former Piraeus Bank Cyprus

Astrobank – previously was known as Piraeus Bank (Cyprus), was founded in 1916 and is one of the most dynamic and active financial institutions in Greece.

In 2016, the changes in the shareholders’ structure occurred at Piraeus Bank (Cyprus), consequently the name of the Bank and its strategy has changed. Currently, Piraeus Bank (Greece) owns a 17.7% of the shares in AstroBank (Cyprus). Thus, Astrobank ceased to be a subsidiary of Piraeus Group and entered the international market, gaining independence from the Bank of Greece.

OPEN AN ACCOUNT IN ASTROBANK

Types of bank accounts

Personal, corporate (accounts are not multicurrency).  

 

The cost of opening of the account

(bank tariff)

The cost of opening an account depends on the risk category of the client:

- for natural persons – from 100 up to 200 EUR;

- for legal entities – from 200 up to 300 EUR.

 

Minimum required balance – 1 000 EUR (using this amount will be impossible).

 

The minimum initial contribution - 1500 EUR (bank charges are deducted from this amount and 1,000 EUR, as the minimum balance).

 

The bank allows opening the accounts for offshore companies, except for companies registered in the following jurisdictions: Aruba, Barbados, Belize, Bermuda, Commonwealth of Dominica, Fiji, Marshall Islands, Oman, United Arab Emirates, Vanuatu, Seychelles and British Virgin Islands.

Also, accounts are not opened for companies registered in the form of partnerships (LP/LLP).

Representative offices 

Russia: Moscow.

Management of the account

Via Internet-bank.

For issuing Digi Pass (code generator), the bank charges a commission amounting to 40 EUR from the first payment.

Bank’s tariffs

 

Account maintenance for natural persons – 25 EUR per quarter.

Account maintenance for legal entities – 75 EUR per quarter.

 

Internal transfers to accounts in other banks of Cyprus – 0,15% of the transfer amount (min 5 EUR, max 40 EUR). Payment processing fee - 12 EUR.

 

External transfers (when using Internet banking):

- payments within the EU in EUR:

up to 50 000 EUR – 0,10% of the transfer amount (min 3 EUR, max 8 EUR);

from 50 000,01 EUR – 0,15% of the transfer amount (min 75 EUR, max 400 EUR).

- payments inside and outside the EU in other currencies – 0,15% of the transfer amount (min 5 EUR, max 400 EUR).

 

More details about the tariffs can be found on the website of the bank.

Terms of opening the account 

The procedure of opening the account starts with the preliminary stage, which includes the process of gathering and submitting documents required for opening an account. Term of the preliminary stage will depend precisely on you.

Stage of reviewing of the documents by the bank and decision-making on account opening depends on the business activity of the company, account transactions and takes on an average approximately 3 weeks from the receipt of the signed forms and documents by the head office of the bank.

RCB Bank follows the «know your client» principle and therefore you may be requested to provide any additional information or documents concerning the procedure of opening the account that may take additional time, as well as refusing of account opening without reasons explanation.

Staff

Russian/English speaking.

Credit/debit cards

Visa.

Other bank’s products

Deposits, securities, brokerage services, trust transactions, trade finance, credits.

Documents for opening an account

Forms for signing are provided by the bank representative while the in-person meeting.

 

Company’s documents – originals of all company’s statutory documents shall be provided. In case from the date of the company’s incorporation more than one year has passed it is  required to provide:

- the Certificate of Good Standing affixed with apostille;

- the Certificate of Incumbency affixed with apostille;

- company’s audit report (it relates to all jurisdictions, incl. offshore). Term for statement preparation is determined by compliance authorities of the bank.

The bank does not accept the power of attorney, the part of the banking forms shall be signed by the director of the company.

 

It is necessary to provide concluded contracts for the companies that previously were conducting business activity in order to confirm the declared turnover on the account. The companies that have not yet been engaged in activities shall provide the draft of the contracts, business contracts or business plans.

It is also necessary to confirm the substance of the company’s activity and its operations. Additionally, the bank may request confirmation of the presence of an office and employees.

 

Documents for the account holder:

- original of national passport;

- original of foreign passport;

- original of identification code (taxpayer number);

- curriculum vitae;

- original of bank reference;

- original of utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence).

 

Documents for the beneficiary:

- original of national passport;

- original of foreign passport;

- original of identification code (taxpayer number);

- curriculum vitae;

- original of bank reference;

- original of utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence).

 

Also, the bank may request documents confirming the source of income (welfare) of the beneficiary, as evidence of the declared turnover of the company.

 

Documents for nominal director, shareholder and secretary (in case of using nominal service by company):

- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months and bank reference (if nominal director, shareholder and secretary are natural persons);

- set of statutory documents affixed with apostille, which includes Certificate of Incorporation, Memorandum, Article of Association, Minutes of the director designation (if director is legal entity). Also may require Certificate of Good Standing affixed with apostille, Certificate of Incumbency affixed with apostille and documents on this director, which includes set of documents affixed with apostille: copy of passport, utility bill no older than 3 months and bank reference.

The procedure of opening an account

You provide us with the requested documents as well as filled in questionnaire (send to e-mail) on receipt of which we prepare the inquiry and send it to the bank. In case the bank takes positive decision on account opening, bank manager appoints the date and time of the meeting with a bank representative in Kyiv, Moscow or at head office of the bank in Cyprus. At the meeting, a bank representative verifies the compliance of copies of the documents concerning the company, beneficiary, attorney and the nominees with the originals of these documents, certifies them, and the attorney and beneficiary of the company sign banking forms. After the meeting to be held, the originals of the documents are returned to the company.

The details of the account are sent upon receipt of the certified documents and signed bank forms by the head office of the bank. The minimum initial payment of 1500 EUR shall be sent to the said account details. From this amount the bank will write off the commission for Digi Pass issuing and commission for maintenance.

Bank site

www.astrobank.com 

For further consultation concerning the terms of account opening in AstroBank of Cyprus please contact our office. We will respond to any questions you may have and will help you open an account in AstroBank of Cyprus or any other bank out of 70 foreign banks you may choose from.