Cyprus Institute of Financial Services (CIFS) is a society registered in the Republic of Cyprus and is the successor to The Chartered Institute of Bankers, Cyprus Centre. The Institute was originally established in 1970 as an overseas centre of The Chartered Institute of Bankers (of England) and had gradually succeeded in becoming one of the most well organized and active centres. It is worth noting that one of its members, Mr. Iacovos Pashos,Hon. FCIB, was the first overseas member to be awarded the title of Honourary Fellow in 1998. In April 2005 Mr.Charalambos Charalambides, Hon. FCIB was awarded an Honorary Masters Degree by the University of Manchester together with an Honorary Fellowship of the Institute, for his services in banking education in Cyprus and Europe.
In June 1995 The Chartered Institute of Bankers-Cyprus Centre, was registered as a legal entity under the Societies and Institutions Law, 1972 – Law No.27/72 of the Republic of Cyprus. In July 2001 the Institute of Financial Services, Cyprus was registered as a brand name of the Chartered Institute of Bankers-Cyprus Centre, to reflect similar developments in the UK. In January 2010 the name of the Institute was changed to Cyprus Institute of Financial Services (CIFS).
In September 2014 the Cyprus Institute of Financial Services entered into a Strategic Collaboration Agreement with Globaltraining. Globaltraining is the leading professional education and training organisation, affiliated to the University of Nicosia. By leveraging the resources and knowhow of its strategic partner, the ability of CIFS to fulfill its core mission has been enhanced.
CIFS is run by a Committee comprising of senior representatives of all the banks members of the two banking associations in the island. The Committee is presided every year by rotation by one of the Chief Executives of the banks. The Chief Executives form the body of Vice-Presidents of the Institute.
Apart from taking an active role in the promotion of London Institute of Banking & Finance examinations in Cyprus, CIFS also plays a prominent role in raising the profile of the financial services industry generally.