Cyprus eases limits on 8 more banks
Cyprus has further relaxed restrictions on foreign banks that were imposed after the debt-laden country sought the $30 billion bailout. Eight more foreign banks - the Bank of Beirut SAL, Banque SBA, Barclays Bank Plc, Banque BEMO SAL, BBAC SAL, Credit Libanais SAL, Jordan Ahli Bank plc and Privatbank - have now been excluded from control on transactions with international customers. Twenty-seven foreign banks are operating in Cyprus. Earlier, BLOM Bank SAL, Lebanon and Gulf Bank SAL, OJSC Promsvyazbank and Russian Commercial Bank (Cyprus) Ltd were relaxed of these controls. In order to be excluded from restrictions, a bank has to be more than 50% owned by a foreign bank which should be able to guarantee that it can support the liquidity position of the subsidiary.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.