Piraeus Bank to take over Cyprus banks in Greece

The branches of the Bank of Cyprus and the Cyprus Popular Bank (Laiki) in Greece were taken over by the Greek Piraeus Bank.

Chairman of the Piraeus Bank, Michalis Sallas said that the Bank responded to the need to offer full protection to depositors of Cypriot banks in Greece, to ensure the stability of the Greek banking system, and to help Cypriot plans to exit the current economic crisis.

The Bank`s move is subject to approval by the European Competition Committee