In 2012, Bank of Cyprus PCL, the largest Cypriot bank, converted its U.K. branch into a subsidiary under pressure from U.K. authorities.
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The Yemeni branch has tried to open an Egyptian subsidiary.
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The decision to set up a subsidiary in a new market (as opposed to just opening a branch) may be a harder one for boards, since it involves legal incorporation and taking on personal liabilities.
ECONOMIST: Reshaping banking
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