THE Bank of Cyprus announced yesterday that its UK operations had been transferred to a local subsidiary as of June 25.

“The transfer of the banking business carried out by its UK branch (Bank of Cyprus UK) to a banking subsidiary (Bank of Cyprus UK Limited) became effective on 25 of June 2012, following court approval on 22 June 2012,” the island’s biggest lender said in a statement. “Bank of Cyprus UK Limited is fully authorised and regulated in the United Kingdom by the Financial Services Authority.”

All eligible deposits in all currencies will now be protected by the UK Financial Services Compensation Scheme (FSCS) up to £85,000 per customer.

Bank of Cyprus UK has a 57 year presence in the UK (operating since 1955) and specialises in supporting owner-managed businesses. 

Cyprus Mail

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