ECONOMY

Piraeus Bank set to complete takeover of Cypriot units, which remain closed

Piraeus Bank is expected to complete by Tuesday afternoon the takeover of Cypriot bank units in Greece.

Until the deal has been completed, the Cypriot bank branches in Greece will remain closed. Trading in the shares of Bank of Cyprus and Cyprus Popular Bank on the Athens Stock Exchange continued to be suspended.

Piraeus said in a statement that until the agreement has been signed, the branches will remain under Cypriot control. Banks in Cyprus are due to open on Wednesday.

Piraeus is set to become Greece’s second-biggest lender (behind National) after absorbing the branches, assets and portfolios of BoC and CPB in Greece plus the 29 branches of Cyprus’s third-largest bank, Hellenic, according to the agreement reached in Nicosia over the weekend.