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Stournaras: Greek Lender Starts Acquiring Local Cypriot Operations

Cypriot banksGreece’s Finance Ministry said Friday that a Greek bank will immediately start acquiring the local operations of Cypriot banks in close cooperation with the island’s central bank.
“With this development, Greece is shielded (from the Cyprus crisis) as the total of deposits held by citizens in Cypriot banks is being completely secured,” said Finance Minister Yannis Stournaras in a statement.
Cypriot President Nicos Anastasiades’s office issued a statement saying he had communicated with Greek Prime Minister Antonis Samaras to confirm that the deal would take place.
As part of a 10 billion euro ($12.9 billion) rescue plan put together by international creditors for Cyprus and its banking sector, the Greek operations of two Cypriot lenders–Cyprus Popular Bank PCL (CPB.CP) and Bank of Cyprus PCL (BOCY.CP)–will be taken over by a Greek peer.
Piraeus Bank is set to take over the Greek units of Cyprus Popular Bank (Laiki) and Bank of Cyprus, sources have told Kathimerini.
Hellenic Bank, the smallest of the three Cypriot-owned banks active in Greece, will remain under Cypriot controls, it was decided after talks between the Greek Finance Ministry and the the Hellenic Financial Stability Fund.
(source: Dow Jones, WSJ)

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