Piraeus to buy Cypriot banks' Greek units for 524 million euros

Published March 26, 2013

| Reuters

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.

(Reporting by George Georgiopoulos; writing by Harry Papachristou)

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