Piraeus Bank acquires branches of Bank of Cyprus & Popular Bank in Greece

Posted by in Economy

Greek Fincancial Stabilty Fund (HFSF) approved the bid of Piraeus bank to acquire the branches of Bank of Cyprus and Cyprus Popular Bank in Greece.

“Piraeus bank will take over 12 billion euro in deposits,” Skai TV reported on Friday evening adding that the bank personnel will be transferred to Piraeus Bank with their existing work contracts.

The price for the acquirement has not been revealed so far.

The move aims to secure the deposits of Greeks in these branches.