FBME Bank was an international commercial bank. It offered commercial banking services and products to corporate and individual clients. FBME serviced clients worldwide through its Cyprus and Tanzanian branches.
As of September 2013, FBME was the largest commercial bank in Tanzania, with a total asset base valued at approximately TSh 4.4 trillion (US$2.716 billion), with shareholders’ equity of approximately TSh 291 billion (US$179.63 million)
The Central Bank of Cyprus took over management of the bank at that point. Funds were frozen for all bank accounts.
9 years on a Court Order has finally been issued on 29/6/2023, ordering the liquidation of the branch of FBME Bank Ltd in Cyprus and appointing Petros Ioannides as the liquidator of the branch of FBME Bank Ltd in Cyprus (the “Liquidator”) and as agent of the Deposit Insurance Board of the United Republic of Tanzania in Cyprus.
It is expected to liquidate and distribute all assets within a 6-month period.
Many offshore companies had bank accounts with FBME bank. Some have let their companies lapse (as they did not expect to receive any funds back), some have maintained them in good standing.
At Octopus, we are in direct contact with the liquidators to assist clients recover as many funds as possible.
We have several options available for clients looking to recover their funds.
If you need assistance, please do not hesitate in contacting us on +350 200 77779 or email us on email@example.com
By Phil Cartwright