The FBME Bank, which has offices in Cyprus, is based in Tanzania and was established as a subsidiary of the Federal Bank of Lebanon. (TDS/From METALCO website)
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The Cypriot Central Bank took over the management of operations of the Lebanese-owned FBME Bank in Cyprus Friday, a day after the United States Treasury Department announced that it was blacklisting the bank.FBME Chairman Ayoub-Farid Saab told The Daily Star that the bank had requested the Cypriot action, in order to clear itself of the "unfounded allegations".FBME, which originally established in Cyprus in 1982 as a subsidiary of the Federal Bank of Lebanon SAL, is now chartered in Tanzania, according to its website.Ayoub-Farib Saab insisted that the Federal Bank of Lebanon was not involved in the FBME issue.
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