The European Central Bank (“ECB”), on the recommendation of the Central Bank of Cyprus, has taken the decision on 28/05/2019 to proceed with the withdrawal of the authorisation of USB Bank PLC (“USB”) to operate as a credit institution.
The ECB took the above decision after USB had voluntarily surrendered its authorisation as a credit institution, pursuant to the provisions of Section 4(6)(a) and (b) of the Business of Credit Institutions Law 66(I) 1997, as subsequently amended.
USB, following an agreement with AstroBank Limited, proceeded to the sale of its banking assets and liabilities to the latter. The said sale was completed on 18 January 2019, on which date no deposits or other repayable funds from the public remained with USB.
As USB no longer meets the definition of a credit institution under Article 4(1)(1) of Regulation No. 575/2013 of the European Parliament and the Council, it has been deleted from the list of supervised entities that is published by the ECB and the Central Bank of Cyprus.