Financial and Banking News


Cyprus Licenses Three More OBUs 

The Central Bank of Cyprus has recently licensed three more banks - one French and two Lebanese - to open Offshore Banking Units (OBUs) in the port city of Limassol. On 25 November it licensed a branch for Societe Bancaire Arabe (SBA), a French-registered bank with largely Lebanese ownership including Mr Shukri H. Shammas, managing director of the major Lebanese Contracting and Trading Company (CAT co) which...