Greece’s Piraeus bank announced that it will acquire the branches of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank in Greece for 524 million euro. The announcement was made Tuesday noon. The branches of these banks will open on Wednesday, March 27th 2013 and all operations will be performed as usual.
“The deal concerns the Greek units of Bank of Cyprus , Cyprus Popular Bank 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. (Reuters)