January 23, 2014 / 2:56 PM / 4 years ago

Insurer Ergo to manage Bank of Cyprus Greek policies

NICOSIA, Jan 23 (Reuters) - 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 international lenders. (Writing By Michele Kambas; editing by Tom Pfeiffer)

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