Bank of Cyprus to transfer UK operations to subsidiary

Bank of Cyprus Pcl said it received initial approval from the Financial Services Authority in the United Kingdom to move its UK operations to a banking subsidiary.

?The transfer of business to the subsidiary, Bank of Cyprus UK Ltd, is expected to be completed by mid-July 2012, subject to final approval from FSA and court approval,? the Nicosia-based lender said in an e-mailed statement on Friday. [Bloomberg]