British bank Barclays has confirmed they will be implementing new requirements for account holders living in certain other parts of Europe, particularly Cyprus and Greece, which have both experienced significant economic turmoil in recent times.
The bank’s new requirement is a minimum balance of €100,000 for account holders residing in these zones, or else they’ll have to find a new solution by September. A representative told the Cyprus Mail that this move is part of an internal risk management strategy established at the end of 2013.
We haven’t taken this decision lightly and are not looking to simply exit these customers (as Cyprus is still one of the core set of markets we’re focusing on). We’re actively working with our customers to review alternative arrangements, helping them through the transition and giving extensions where we can to find further funds.
Those living in the Greek archipelago will have trouble establishing a new bank account in the British Isles if they have not maintained a residence there, as British banks are known for denying accounts to non-residents. As is seen in the case of Barclays, those with high enough dealings