The European Central Bank has revoked the banking licence of the Co-operative Cyprus Bank, the Central Bank said on Wednesday.
It said the decision to revoke the licence was taken on August 31 and came into force on September 3, the day the agreement between the CCB and Hellenic to transfer some assets was implemented.
The ECB took this decision as the CCB had opted to surrender its banking licence, given that with the transfer of assets to Hellenic, it no longer has any deposits and would therefore not fulfil the definition of a credit institution under EU regulations.
The CCB has therefore been struck off from the ECB’s and the Central Bank’s register of supervised credit institutions.
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