Financial and Banking News
Cyprus Grants 11th OBU License to Lebanese Bank
The Central Bank of Cyprus last week granted its 11th license for an Offshore Banking Unit (OBU) to the Beirut-based Bank of Beirut and the Arab Countries Sal (BBAC), bringing to five the number of Lebanese OBUs now in Cyprus. BBAC is among the top 15 banks in Lebanon ranked by capital and assets. At the end of 1983 it had assets of LL1.94bn ($353mn).