Ex-chiefs of Bank of Cyprus, Popular Bank say Piraeus deal was ‘bad’
The former presidents of Bank of Cyprus and of Cyprus Popular Bank (Laiki), Andreas Artemis and Andreas Filippou respectively, stated on Tuesday that they had not signed the agreement for the concession of the two lenders’ Greek branches to Piraeus Bank, considering it a bad deal.
In his deposition at the Institutions Committee of the Cypriot parliament in Nicosia, Artemis said that the agreement contained provisions for Piraeus to proceed to a check after the acquisition of the Greek networks of the Cypriot lenders and ask for compensation for loans.
He added that the deal left out any obligations Bank of Cyprus may have in Greece, which were not transferred to Piraeus Bank, meaning that in the future BoC is at risk of greater losses.
Former Finance Minister Michalis Sarris, who last March negotiated the Cypriot bailout agreement with the eurozone, told the same parliamentary committee on Tuesday that Laiki in Greece issued “odd” loans amounting to 4 billion euros. Sarris is also a former president of Popular Bank
