News Column

Greece Will Soak Up Cyprus Bank Branches

March 22, 2013

Greek Finance Minister Yannis Stournaras on Friday said his country has started the acquisition of all Cypriot banks in Greece.

"The process had been launched for the acquisition of Cypriot banks in Greece by a Greek banking group in close cooperation with the Central Bank of Cyprus," Stournaras said in a written statement.

He said the government intends to settle the issue of the Cypriot branches' absorption on Friday so that they can reopen next Tuesday under their new owner, which will take in the loan portfolios and deposits of the Bank of Cyprus, the Cyprus Popular Bank and the Hellenic Bank of Greece."

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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