Cyprus Courts Halt CBC Moves License Revocation

19 January 2016

Courts in Cyprus have ordered a stop to moves by the country’s banking regulator aimed at liquidating the Cyprus branch of FBME Bank Limited. This follows the attempt at the revocation of the branch’s license made public by the Central Bank of Cyprus (CBC) on 21 December 2015.

This revocation and a subsequent attempt at an ex parte legal action by the CBC have been strongly rejected by FBME, which has launched a legal fight in Cyprus’ Supreme Court and the District Court of Nicosia.

Had it been successful, the ex parte judgement would have meant that the FBME branch could have been liquidated without it being advised or given the chance to oppose the move. Happily for the judicial process, the Supreme Court rejected the move, leading the way to a series of legal hearings into the CBC and FBME’s license which start on 19 January.

Via this website, FBME will keep interested parties informed of developments.