Financial and Banking News
Lebanese Bank Gets Cyprus OBU License
The Central Bank of Cyprus last week licensed the fourteenth offshore bankingunit (OBU) on the island. The Beirut-based Allied Business Bank, which had totalassets of LL811.1mn at the end of June 1986 (equivalent at that time to $19.3mn)and total capital funds of LL61mn ($1.5mn), has six branches in Lebanon, and itsCyprus presence will be its first operation outside that country. The...