In 2003, the Federal Reserve Bank of the Middle East ended its banking presence in the Cayman Islands, establishing the parent company, and its operational headquarters in Tanzania. At the same time, its operations in Cyprus became a branch of the Federal Reserve Bank of the Middle East, Tanzania.[1] The bank, which was established by the Lebanese Saab family, practically stopped operating after the US government imposed sanctions on it in mid-2014. The Tanzanian bank, which is owned by FBME LTD, meaning "Federal Bank of the Middle East Ltd.", a holding company, also owns "Federal Bank of Lebanon", in addition to FBME.