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.




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