Cyprus Mail
Cyprus

FBME to fight licence revocation

FBME Limited announced that immediate legal action is being launched to contest Monday’s decision by the Central Bank of Cyprus (CBC) to revoke the bank’s licence for its Cyprus branch and said it will challenge this decision in the Cyprus courts.

The revocation, communicated in a nine-page declaration, blames others for actions caused and taken by the CBC Board over the past 17 months, which stem from CBC’s unilateral takeover and attempted sale of FBME Bank’s branch in Cyprus, the bank said in an announcement.

“CBC’s illegal measures against FBME, of which this is the latest, have led to lawsuits in Cyprus and abroad, exposing the Cyprus authorities to a spiral of claims for substantial damages and compensation,” it said.

 

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