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GR-4.1.1

In accordance with the CBB Governor's Resolution No.(33) for the year 2012 issued pursuant to Article 66 of the CBB Law, a conventional bank licensee (transferor) must seek prior written approval from the CBB before transferring any regulated banking service to a person (transferee), except in the following circumstances:

(a) Where the transferred business is limited to the assets and/or liabilities of the transferor and does not include any regulated banking services; or
(b) Where the regulated service transferred accounts for less than 5% of the transferor's total assets and/or liabilities as recorded in the unconsolidated balance sheet of the financial quarter preceding the date of the transfer of business application.
Added: October 2012