March 21, 2013 / 6:06 PM / 5 years ago

Cypriot cbank says to keep 2nd largest lender in business

NICOSIA, March 21 (Reuters) - Cyprus will take measures to consolidate its banking sector, including steps to avoid bankruptcy at its second largest lender, Cyprus Popular Bank , Central Bank governor Panicos Demetriades said on Thursday.

“By establishing this legal framework, resolution measures will be imposed on Popular Bank so that it will be in a position to continue to offer banking services to its clients next Tuesday,” when banks are due to reopen, he told reporters.

Demetriades did not elaborate, but said the steps would protect deposits of up to 100,000 euros.

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