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The Central Bank announced yesterday its decision to impose an administrative penalty of €100,000 on Societe Generale Bank Cyprus Ltd.
In a short statement the CBC said that the Governor of the Central Bank of Cyprus, exercising powers vested in her by section 42 of the Business of Credit Institutions Laws, decided to impose an administrative fine of €100,000 on Societe Generale Cyprus for failure to comply with the provisions of the Business of Credit Institutions Laws as well as the Central Bank's Directive on Governance and Management Arrangements in Credit Institutions regarding the composition and functioning of its management body.
The new Central Bank Governor Costantinos Erodotou assumes his official duties today replacing outgoing Chrystalla Yiorkatzi.
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