FBME Bank was an international commercial bank providing an array of commercial banking services to both corporate and individual clients through its branches in Cyprus and Tanzania.
In September 2013, FBME stood as Tanzania’s largest commercial bank, boasting total assets valued at approximately TSh 4.4 trillion (US$2.716 billion) and shareholders’ equity of roughly TSh 291 billion (US$179.63 million).
However, in 2014, the Financial Crimes Enforcement Network raised accusations against FBME for facilitating financial transactions on behalf of multinational organized crime organizations, primarily through its operations in Cyprus. This led to the Central Bank of Cyprus taking over the bank’s management and freezing all bank accounts.
Nine years later, on June 29, 2023, a Court Order was issued, mandating the liquidation of FBME Bank Ltd’s branch in Cyprus. Petros Ioannides was appointed as the liquidator of the branch and as an agent of the Deposit Insurance Board of the United Republic of Tanzania in Cyprus. The liquidation process is anticipated to be completed within a six-month period.
FBME Bank had numerous offshore company accounts, with some companies allowing them to lapse, not expecting to recover their funds, while others maintained their accounts in good standing.
At Sparta, we maintain direct communication with the liquidators to aid our clients in recovering as much of their funds as possible. We offer various options to clients seeking to retrieve their funds.
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Client Testimonials
Don’t take our word for it – here’s what our clients say:
Do you sometimes have the feeling that you’re running into the same obstacles over and over again? Many of my conflicts have the same feel to them, like “Hey, I think I’ve been here before”
John Doe
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Do you sometimes have the feeling that you’re running into the same obstacles over and over again? Many of my conflicts have the same feel to them, like “Hey, I think I’ve been here before”
John Doe
Company name
Do you sometimes have the feeling that you’re running into the same obstacles over and over again? Many of my conflicts have the same feel to them, like “Hey, I think I’ve been here before”
John Doe
Company name
Client Testimonials
Don’t take our word for it – here’s what our clients say:
Do you sometimes have the feeling that you’re running into the same obstacles over and over again? Many of my conflicts have the same feel to them, like “Hey, I think I’ve been here before”
John Doe
Company name
Do you sometimes have the feeling that you’re running into the same obstacles over and over again? Many of my conflicts have the same feel to them, like “Hey, I think I’ve been here before”
John Doe
Company name
Do you sometimes have the feeling that you’re running into the same obstacles over and over again? Many of my conflicts have the same feel to them, like “Hey, I think I’ve been here before”
John Doe
Company name
Client Testimonials
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