Arab Today, arab today takeover of cypriot bank units in greece to be completed
Last Updated : GMT 01:58:56
Arab Today, arab today
Arab Today, arab today

Takeover of Cypriot bank units in Greece to be completed

Arab Today, arab today

Arab Today, arab today Takeover of Cypriot bank units in Greece to be completed

Nicosia - XINHUA

An agreement for a takeover of Cypriot bank units in Greece by the Bank of Piraeus is expected to be concluded on Tuesday within the framework of the bailout for Cyprus.\"I expect that the Central Bank of Cyprus (CBC) will be in a position to announce something concrete today or at the latest tomorrow,\" said CBC spokeswoman Aliki Stylianou on Tuesday.She said the takeover procedure was very complicated and patience was needed.The three Cypriot banks -- Bank of Cyprus, Cyprus Popular (Laiki) Bank and Hellenic Bank -- have about 300 branches in Greece and account for 8 percent of deposits and 10 percent of loans.Details of the final deal, which Bank of Piraeus said was expected to be signed by noon on Tuesday, were not made available.The Cypriot bank branches in Greece will remain closed Tuesday and Wednesday along with banks in Cyprus to allow time to finalize details of a takeover of Laiki by the Bank of CyprusThe Eurogroup, in endorsing a bailout for Cyprus, demanded the merger of the two banks and ordered depositors with accounts of over 100,000 euros and shareholders of Laiki to bear the cost of the resolution of the bank.Uninsured depositors of Bank of Cyprus will also take a loss, which according to finance minister Michael Sarris could be around 40 percent.Instructions are also expected to be issued either on Tuesday or Wednesday by the Central Bank, imposing a limit on bank transfers and withdrawals when banks reopen

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