Bank of Cyprus big depositors to get 37.5 pct equity: source

Published March 29, 2013

| Reuters

Big depositors in Cypriot lender Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, a source with direct knowledge of the matter said on Friday.

The rest of their big deposits may never be paid back. About 22.5 percent of deposits over 100,000 euros will attract no interest. The remaining 40 percent will continue to attract interest, but will not be repaid unless the bank does well.

Authorities were expected to officially announce the conditions on Saturday.

(Reporting By Michele Kambas; Editing by Pravin Char)

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