Cyprus merger will produce "very strong bank": central bank

Reuters

The merger of the Bank of Cyprus with the Cyprus Popular Bank, part of a rescue deal for the financially troubled island agreed with international lenders this week, will produce a "very strong bank", the Governor of the Central Bank said on Tuesday.

"After this, Bank of Cyprus will have access from the eurosystem, not ELA but normal financing. The merger with Popular will give us a very strong bank," Cyprus Central Bank governor Panicos Demetriades said.

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(Reporting by Michele Kambas; Editing by Giles Elgood)