Central Bank of Cyprus activates deposit-guarantee scheme for failed bank
Subsidiary of Lebanese bank had licence revoked after ‘money-laundering’ allegations
The Central Bank of Cyprus has activated the country's deposit-guarantee scheme for creditors of a commercial bank placed under administration following money-laundering allegations.
The central bank said it had established the Cyprus branch of the Lebanese-owned Federal Bank of the Middle East (FBME) "does not appear, for the time being, able to repay deposits to its clients" and would "not be able to do so in future".
The FBME, including its Cyprus operations, has been the subject of numerous
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