Cyprus says places FBME bank branch under administration

July 22 Mon Jul 21, 2014 5:40pm EDT

Related Topics

July 22 (Reuters) - Cyprus on Monday said it had placed the local branch of Tanzania-based bank FBME under administration, after concerns previously expressed by the U.S. that it was a conduit for money laundering.

The purpose of the resolution injunction was to sell branch assets for the protection of depositors, the Cypriot central bank said in a statement. FBME has two branches in Cyprus. (Reporting By Michele Kambas; Editing by Chris Reese)