Understanding The Cypriot Financial System & The Leading Institutions In This Segment
On a proportional rate to its economy, the banking system in Cyprus is impressive. It is large and widely diversified – even larger than the banking systems in bigger and more developed countries. In 2010, the total assets of the banking system were almost 900% of the GDP. Other countries in the European Union ranged around 350%.
The idea behind this system is fairly simple to understand. There are many domestically run banks out there with numerous overseas applications that count as part of Cyprus. But then, even without these banks, the banking system is still too large for this tiny country and can easily exceed 700% of its GDP (Gross Domestic Product).
But despite these numbers, Cyprus is not the leading country in this segment...