Moscow, February 2012 - Cyprus has retained its competitive advantages as a prime financial centre despite global economic adversity and competition from alternative jurisdictions, Russian investors and professionals were assured this week at a high-level seminar in Moscow, jointly staged by Marfin Laiki Bank and Totalserve Management Ltd.

Despite the chilling -20 degrees Celsius weather, more than 130 lawyers, accountants, wealth managers, bankers and high net worth individuals attended the seminar, held on Wednesday 1st February 2012, at the Ararat Park Hyatt Moscow.

Themed ‘Cyprus: The Preferred Gateway for Russian Investments – Rising Above Global Economic Adversity,’ the seminar examined how and why Cyprus is used for inward and outward investments in Russia and other CIS countries.

Among the issues that were covered were also the stability of the Cyprus banking system, the various measures Cyprus has taken to tackle the world economic crisis and the latest business and regulatory developments between the two countries. The seminar also addressed how Russian high net worth individuals could best manage their wealth.

Marfin Laiki and Totalserve Management are considered leaders in the fields of banking and tax and corporate services respectively, in Cyprus.

The seminar was addressed by Miltos Michaelas, Group Director International Business Banking & Russia Marfin Laiki Bank, Kyriacos Michaelides, Divisional Director Wealth Management of Marfin Laiki Bank, Peter G. Economides, Chairman of Totalserve Management and Petros Rialas, Director and Head of Totalserve’s International Tax Planning Department.

The seminar was also addressed by Senior Manager of Totalserve’s Luxembourg Office, Keimpe Reitsma.

The two companies’ guests were welcomed by the Cyprus Consul in Russia, Sevag Avedissian who expressed his satisfaction over the ‘impressive’ turn up at the seminar.

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