Piraeus Bank became Greece's second largest lender after confirming that it had completed the acquisition of the units of three Cypriot banks, Bank of Cyprus, Cyprus Popular Bank (Laiki) and Hellenic Bank, for just over half a billion euros.
“The transaction ensures the stability of the Greek banking system, provides assistance to Cyprus in relation to the resolution of the crisis and secures depositors, customers and employees of the three Cypriot banks in Greece post recent uncertainty”, added Piraeus.
It was agreed as part of Cyprus’s bailout deal with the troika that bank units in Greece would pass to a local lender as part of the effort to reduce the island’s financial sector and prevent any contagion spreading.
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© Kathimerini
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