Greece’s Piraeus Bank said on Tuesday it agreed to buy the branches of all three Cypriot banks in Greece for 524 million euros ($675.04 million) in cash.
The deal concerns the Greek units of Bank of Cyprus , Cyprus Popular and Hellenic Bank, which have a combined market share of about a tenth of Greece’s banking market.
The purchased units will reopen on Wednesday, Piraeus said in a statement. “Customer deposits with the Greek branches of Bank of Cyprus, Cyprus Popular Bank (CPB) and Hellenic Bank are not subject to any bank levy or haircut that has been agreed in Cyprus,” it said.
The completion of the deal, which was first announced on Friday, means that Piraeus Bank will have consolidated total assets of 95 billion euros, 1,660 branches and 24,000 employees.
(source: Reuters)
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