Bank of Cyprus applies for UK deposit protection scheme
The Bank of Cyprus, which has been operating in the UK since 1955, has moved a step closer to joining the UKâ€™s deposit protection scheme.
The bank has struck an agreement in principle with the Financial Services Authority, that will mean approximately 50,000 of their savers will be protected by the UKâ€™s deposit protection scheme.Â The bank hopes the process would be completed by mid-July.
If they get acceptance their UK customers' savings of up to Â£85,000 per person would be protected rather than up to 100,000 euros each by a Cypriot scheme.
From the end of August, branches of financial institutions in the UK will have to display posters and stickers about which protection scheme applies to them.
June 8, 2012