Official: Nine Lebanese banks to withdraw from Cyprus

NICOSIA, Cyprus (AP) — A representative of the Cyprus Central Bank says nine Lebanese banks are shutting down their operations on the island. The representative said the banks will close their branches within a period of time that will allow them to wind down operations in an orderly fashion. He said the shuttering of the branches won’t adversely affect the east Mediterranean island’s economy. Total deposits and loans held by the branches on the island amount to less than 1% of the entire Cypriot banking system’s deposits and loans, and the majority of those belong to non-residents.