NICOSIA Jan 23 Bank of Cyprus said on
Thursday it would shift oversight of policies at its Greek
insurance division to Ergo General Insurance of Greece.
Under the management agreement, the Cypriot lender will
gradually transfer existing policies issued by Kyprou Asfalisiki
to Ergo, which is part of German reinsurer Munich Re.
Bank of Cyprus, along with other Cypriot banks, was forced
to sell its Greek operations in March 2013 to protect Greece
from financial turmoil caused by a botched attempt to bail out
the island's banks.
Cyprus shut a major loss-making bank, Laiki, and Bank of
Cyprus depositors were forced to shoulder the cost of its
recapitalisation by tapping into customers' savings for the
island to be eligible for 10 billion euros in aid from
(Writing By Michele Kambas; editing by Tom Pfeiffer)