ECONOMY

Cypriot lenders in Greece reopen after acquisition by Piraeus Bank

Branches of Cypriot banks in Greece opened on Wednesday for the first time since March 15 after they were acquired by Piraeus Bank a day earlier.

The Greek lender agreed a 524-million-euro deal to take over Cyprus Popular Bank (Laiki), Bank of Cyprus and Hellenic Bank, as well as the Investment Bank of Greece (IBG), a Laiki subsidiary.

Besides making Piraeus the second-biggest banking group in the country after National Bank, the agreement will also improve the lender’s mix of loans as it is estimated to have acquired a better portfolio compared to its existing one.

The branches will offer clients the full range of bank activities and Piraeus Group officials stress there will be absolutely no limit on cash withdrawals, as is the case in Cyprus.