Barclays is introducing a new minimum threshold.
British expats and other Barclays account holders in Cyprus will have their accounts closed by the bank on 11 September 2015 unless they contain a minimum deposit of £100,000.
The bank said as a consequence of a de-risking programme that was put in place at the end of 2013 to review and reduce the number of countries Barclays operate in, the minimum threshold will apply not only to Cyprus but also to Malta and Greece, although out of consideration for the current situation Barclays is not closing accounts for Greek residents at this time.
Barclays provide expat services in many countries worldwide, however, bank takes serious action to reduce their risk associated with operation in certain countries. As a result of this decision and in line with the strategy a new minimum threshold for customers resident in Cyprus is introduced. Clients will need to maintain £100,000 across their accounts with Barclays to keep their account in the bank.
Barclays say they are focusing on a core set of 70 markets globally, where they believe they have the most knowledge and experience.
Source: Cyprus Mail
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