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Piraeus Bank SA To Wrap Up Takeover Of Bank Of Cyprus Public Company Ltd And Other Cypriot Banks In Greece By Noon-Reuters


Tuesday, 26 Mar 2013 02:43am EDT 

Reuters reported that Piraeus Bank SA expects to conclude deals to take over the Cypriot banks operating in Greece by noon on Tuesday. On Friday Greece's bank bailout fund picked Piraeus to acquire the Greek operations of troubled Bank Of Cyprus Public Company Ltd, Cyprus Popular Bank Public Co Ltd and possibly Hellenic Bank Public Company Ltd to shield the country's banking system from fallout from the Cyprus crisis. The signing of agreements to acquire the networks of Cypriot banks in Greece is expected to be completed by noon (on Tuesday) at the latest in order to sort out remaining technical details. The bank said it was up to the managements of the three Cypriot lenders whether their branches will open for business before the signing of the agreements. Other terms and conditions were not disclosed.