NewsLocalCentral Bank of Cyprus warns Limassol-based Sabax Bank is fake

Central Bank of Cyprus warns Limassol-based Sabax Bank is fake

The Central Bank of Cyprus has warned that Limassol-based Sabax Bank is fake and that it has absolutely no operating licence from the supervising authority.

In a written statement on Wednesday, CBC also said the document appearing on the website of the credit institution as the operation license granted by them is a ‘forgery”.

As for the disputed credit institution’s website, it says that Sabax Bank was founded in 1998 by two private bankers and that it is one of the best banks in Cyprus which offers a wide range of services for non-resident companies.

“(It) attracts with its convenience and ease of use, affordable prices and the possibility of opening an offshore account for any type of business.

“If you have an account, we recommend that you also open an additional account with our bank.

“As the practice of Latvia and other offshore jurisdictions shows, an account can be blocked for the most ridiculous reason.

“And this means a stoppage of business, delayed payments, the inability to accept payment and, in general, a crisis stagnation for the company.”


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