FBME bank Cyprus

FBME is the abbreviation of Federal Bank of Middle East. FBME has two branches on in Dar-e-Salaam in Tanzania and the second one in Nicosia in Cyprus; these branches are controlled from these two main cities. FBME is mainly an international commercial bank that offers many products and banking services at international level. Products and services offered by FBME include multi-currency accounts, international payment service, trading finances, forex trading facilities, credit services, swift account services, internet banking and international card services. FBME entertain both individual clients as well as cooperative groups. Further, they are offering their services worldwide; in short, their clients are distributed in different regions of the globe.

In 1952 the foundation of a bank was laid in Lebanon, and the bank was named as Federal Bank of Lebanon SAL. In 1982 Federal Bank of Lebanon SAL established as a subsidiary of it in Cyprus naming Federal Bank of the Middle East (FBME). Federal Bank of Middle East decided to change its country of incorporation from Cyprus to Cayman Islands in the year of 1986. Hence they transferred their banking system from Cyprus to Cayman Islands. Since the year of 1993, has maintained a representative office in Moscow.

After the establishment of Federal bank of Middle East Cyprus in 1982, was owned by Mr. Michel Saab and his sons. After the death of Mr. Michel Saab in 1991 bank was owned by Mr. Ayoub-Farid M Saab and Mr. Fadi M Saab equally.

Federal Bank of the Middle East in 2003 through its strategic planning decided to terminate its banking presence in Cayman Islands. They established a headquarters in Tanzania. Meanwhile, the Cyprus starts operating as a branch of Federal Bank of the Middle East, Tanzania. Federal Bank of Middle East changed its name to FBME Ltd. in 2005. Federal Bank of Lebanon SAL and Federal Bank of Middle East known as FBME Ltd. are now different entities working separately.

After the establishment of Federal bank of Middle East Cyprus in 1982, was owned by Mr. Michel Saab and his sons. After the death of Mr. Michel Saab in 1991 bank was owned by Mr. Ayoub-Farid M Saab and Mr. Fadi M Saab equally.

Nowadays FBME Ltd. Cyprus branch is facing many hurdles.  Financial Crimes Enforcement Network (FinCEN), a bureau of the United States publishes a report in 2014. In its report, they claimed that FBME Bank Ltd. Cyprus is involved in and provides assistance to its clients in money laundering, fraud, terrorist financing, transnational organized crime, sanctions evasions and other illicit activity internationally and through the US financial system.

International banks terminated their cooperation with FBME because of the report of FinCEN. This resulted in the impossibility of transfer of money to other banks. Money withdrawal increased rapidly with no input, the bank was in under drastic loss. Under these circumstances, Central Bank of Cyprus and Tanzania took the hold of FBME Ltd.

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