ECONOMY

Piraeus Bank set to take over Greek units of Laiki and Bank of Cyprus, sources say

Piraeus Bank is set to take over the Greek units of Cyprus Popular Bank (Laiki) and Bank of Cyprus, sources have told Kathimerini.

Hellenic Bank, the smallest of the three Cypriot-owned banks active in Greece, will remain under Cypriot controls, it was decided after talks between the Greek Finance Ministry and the the Hellenic Financial Stability Fund.

Sources said that Laiki and Bank of Cyprus branches in Greece will open to customers on Tuesday, March 26, under the umbrella of the Piraeus group.

They possess a network of 300 branches and hold 8 percent of the total deposits in Greece as well as 10 percent of nationwide loans.