Last week, Tax-news.com reported that Commercial Bank of Greece (Emporiki) and Glory Financial Services Ltd, a unit of Glory Worldwide Holdings, were to establish new bank in Cyprus that aims to take a 5% market share and possibly head for a listing on the Cyprus stock exchange.
However, the Cyprus Central Bank, which has repeatedly said that it favours the establishment of new banks in order to encourage competition, has suddenly backtracked and has failed to give its approval to the new venture, Emporiki Bank (Cyprus) Ltd, on the grounds that Glory Worldwide Holdings is involved in betting operations. Glory, a publicly quoted company, currently holds interests including a chain of betting shops and an online betting operation.
The Central Bank said that it was blocking the proposal to allow Glory to take a 45 per cent stake, even though managment control would be left in the hands of Commercial Bank of Greece, citing betting as being non-compatible with banking. Cyprus' existing banking legislation dictates that non-banking concerns can only hold a maximum of 10 per cent of the equity of a Cyprus bank without prior approval from the Central Bank.
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