Insider Business Central Bank amends banking business licence of Avtovazbank

Central Bank amends banking business licence of Avtovazbank

The Central Bank said on Tuesday that taking into consideration the decision of the Russian Central Bankto assign the functions of the temporary administration for the management of Avtovazbank to Limited Liability Company “Management Company of the Fund for the Consolidation of the Banking Sector” and the decision of the CBRF to acquire full ownership of the ordinary shares of Avtovazbank, it has decided to impose additional condition to Avtovazbank’s banking business licence in Cyprus.

It said Avtovazbank’s branch in Cyprus shall not engage in any banking business, except for inter alia:

1. the repayment of the existing customer deposits,

2. the acceptance of payments towards existing customers’ credit facilities,

3. the execution of customers’ outgoing payment orders and the acceptance of incoming transfers on behalf of customers, solely for the purpose of settlement of existing business commitments,

The additional condition set out above entered into force as from August 10 2018 and shall remain in force until such time as there will be more clarity as to the future ownership and status of Avtovazbank and the plans for the Cyprus branch, when the decision will be reviewed, it concluded.

Top Stories

Britain signs first major post-Brexit trade deal with Japan

Britain and Japan formally signed a trade agreement on Friday, marking the UK's first big post-Brexit deal on trade, as it continues to struggle to...

Early dissolution of parliament proposal to be debated before plenum

The House plenum on Friday will debate a proposal by the Green party and independent MP Anna Theologou for the early dissolution of the...

Puppy with green fur born in Sardinia

Pistachio, a puppy who was born with green fur, is seen on the day he was born on a farm on the island of...

Masks in Cyprus mandatory for all in outdoor public spaces as of Friday

Masks in Cyprus are mandatory in all outdoor public spaces - in addition to indoors - for all over the age of 12 as...

Cyprus remains on UK’s “green” travel list despite rising covid cases

Cyprus has remained in the UK Government’s “green” Travel Corridors list despite a rise in coronavirus cases on the island. This means that travellers from...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...