The activity of Cypriot branch of FBME Bank Ltd is suspended

23.07.2014

 A short announcement published on the web-site of the Central Bank of the Republic of Cyprus said that the ability of the Cypriot branch of FBME Bank Ltd to follow its obligations is suspended for 2 days starting with afternoon of 23^rd of July, 2014.

Therefore, this branch will not be able to provide their clients with services including money transactions and payment of invoices.

Earlier on the 18^th of July, 2014, the Central Bank of Cyprus announced that it takes under its management the Cypriot branch of FMBE Bank Ltd. On the 21^st of July as a Special Administrator of the branch Dinos Christofides was appointed.

Source: http://www.centralbank.gov.cy/nqcontent.cfm?a_id=13723

Expert’s opinion

 In Tanzania, there is something to make money from. FBME Bank unfolded quite an activities in the acquisition of mines, pits and dumps, which may be interesting as for production of rare earth materials.

At the same time, the Bank made some operations that allowed money into Damascus. In addition - loyalty to new customers. All this together could not attract the attention from the United States.

When bank stated liquidity term ratio of 104%, and with the success of the Bank's staff appraisal as for anti-money laundering activities that took place in July, performed by the Central Bank of Cyprus, the suspension of work for two days (and not for a term of rehabilitation) and the introduction of external management - looks very strange.

Who benefits from bank that has survived "the Cyprus spring 2013" leaving the market?

Yaroslav Lomakin ( Managing Partner Honest&Bright)