Products and Services

The main products and services that Marfin Laiki Bank offers to financial institutions are the following:

Vostro Accounts

* in Euro

- These accounts are operated on a credit basis only. Should the account be overdrawn, in the normal course of business, an overdraft interest will be levied: Current Base Rate plus 1,5%. Although no interest is payable on credit balances, interest bearing time deposits or interest bearing accounts can be arranged upon request.

- Account statements are transmitted monthlly by Airmail and daily whenever there is a movement in the account by Swift MT950 or MT940.

- For the funding of the account Treasury can be contacted on Reuters Dealing Code BAPO.

- The cut-off time for Swift payment orders is 1:00 p.m local time. Payment instructions in Euro received before cut-off time of the nominated value date are executed on value date. Payment instructions received after cut-off time of the nominated value date, are executed on the next working day, with same day value.

* in Foreign Currency

- Vostro Accounts are also offered in Foreign Currencies. These are current accounts not receiving any interest and notice/fixed accounts for which interest rates are based on prevailing rates in international markets. Debit interest is also charged on short term overdrafts, according to prevailing market rates.

- Account statements are sent through mail weekly or monthly and through Swift MT 950 or MT 940 whenever there is movement in the account.

International Payments

Marfin Laiki Bank executes payments for beneficiaries in Cyprus and abroad, in Euro and Foreign Currency promptly and accurately.

International Trade Services

Marfin Laiki Bank offers the whole range of trade services to meet the needs of importers/exporters.

These include issuing Letters of Credit, pre-advice, advising and confirming of Letters of Credit as well as Bills for collection including inward clean bills for collection and inward documentary credits. Letters of Guarantee are also issued on the basis of the counterguarantee of another bank. Marfin Laiki Bank Correspondent Banking can be contacted for special pricing.

Custody Services

Marfin Laiki Bank Custody Services offer a full range of custody services for the Cyprus and Foreign Markets.

Treasury

Financial Institutions can contact Marfin Laiki Bank Treasury for foreign exchange deals, money market deposits in Euro and Foreign Currency, buying and selling of bonds, banknotes, interest rate swaps, options etc.