ECONOMY

Bank of Cyprus, Hellenic Bank ‘unaffected’ by Swiss move

Cypriot lenders Bank of Cyprus and Hellenic Bank said on Tuesday they had no material impact from the Swiss National Bank’s decision to scrap its cap on the Swiss franc against the euro.

Bank of Cyprus, the country’s largest lender, said its lending exposure in Swiss francs totaled 1.09 billion euros on December 31, representing 4.6 percent of total gross loans.

“As part of its credit risk management policy, [Bank of Cyprus] monitors the performance of the portfolio and, if needed, will take additional provisions in line with its provisioning policy,” Bank of Cyprus said.

Hellenic Bank said the change was not expected to substantially affect the group’s financial standing and operating results.

[Reuters]