Cyprus takes control of Lebanese-owned bank

The FBME Bank, which has offices in Cyprus, is based in Tanzania and was established as a subsidiary of the Federal Bank of Lebanon from 1982 - 1986. (TDS/From METALCO website)

This article was amended on Monday, July 21 2014

The Daily Star incorrectly published a photo of the Federal Bank of Lebanon attached to the story entitled “Cyprus takes control of Lebanese-owned bank," in its print edition issued on July 17, 2014. 

The story refers to FBME, a Lebanese-owned bank that was originally established in Cyprus in 1982 as a subsidiary of the Federal Bank of Lebanon SAL until 1986. Since 1986, FBME, which is now chartered in Tanzania, is a separate company with a separate board of directors. According to a statement released by the Federal Bank of Lebanon, the latter is a Lebanese company with no subsidiaries or affiliates across the world and is subject to Lebanese laws and the monetary authorities in Lebanon. 



A version of this article appeared in the print edition of The Daily Star on July 19, 2014, on page 4.




Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (

comments powered by Disqus



Interested in knowing more about this story?

Click here