Financial and Banking News


Cyprus Licenses Fifteenth OBU

The Central Bank of Cyprus on 14 April granted an offshore banking unit (OBU) license to the small Beirut-based Lebanon and Gulf Bank, making it the fifteenth bank to take up OBU status on the island, and the second to be licensed so far this year. Seven of the Cyprus OBUs are branches of Lebanese banks and another three have close shareholding relationships with banks based in Lebanon.

Lebanon and Gulf Bank is...