BUSINESS

Cyprus central bank suspends efforts for FBME buyer

Cyprus’s central bank has suspended efforts to find a buyer for branches of a Tanzania-based bank, pending the outcome of legal action seeking to block the sale, it said on Friday.

Cypriot regulators seized control of two branches of the FBME bank in July, after a department of the US Treasury alleged the bank engaged in money laundering.

FBME has denied the allegations and accused Cypriot authorities of a “hostile takeover” to seize control of the bank and its assets. [Reuters]

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