Cyprus eases limits on 8 more banks

MNB

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.

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