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CYPRUS: Central bank suspends sale process of FBME Bank

01 August, 2014

The Central Bank of Cyprus (CBC) announced that it has suspended the sale process of the branch of FBME Bank Ltd in Cyprus, pending a court injunction order issued by the main shareholders of FBME Tanzania, owner of the Cyprus bank branch.
FBME Cyprus, which has been under CBC administration since July 18 on US State Depratymnet allegations of money laundering, appealed to the Court for a preliminary injunction suspending the decree of the Central Bank’s sale of its operations in Cyprus aiming to protect depositors.
The CBC said that FBME continues to be under its administration, including the negotiation with interested buyers.