ECONOMY

ATMs of Cypriot banks in Greece working, branches closed and awaiting takeover

ATMs at Cypriot banks in Greece were operating normally on Tuesday morning as the branches remained closed pending decisions on a deposit tax in Cyprus.

Branches of Bank of Cyprus, Hellenic Bank and Cyprus Popular Bank – which have combined deposits of some 12 billion euros and loans of about 20 billion euros – will remain closed on Tuesday and Wednesday, in line with the decision for an extended bank holiday in Cyprus.

A Greek lender is set to take over the assets and liabilities of the Cypriot banks but any deal is dependent on the Parliament in Nicosia approving a deposit tax.

Hellenic Postbank, Piraeus Bank and Alpha Bank have all been linked to taking over the Cypriot lenders, who employ about 5,000 staff.