Deutsche data called inaccurate

Bank of Cyprus (BoC) said yesterday a Deutsche Bank report on it contained inaccurate data, the second Greek lender to question the credibility of the research note. «Bank of Cyprus expresses its surprise at the inaccuracies and arbitrary way with which the various assumptions and admissions regarding the results and the prospects of the group were made,» it said in a statement. In a report on Greek lenders earlier this week, Deutsche Bank cut its target price on Bank of Cyprus to 2.40 euros, from 9.50 euros previously, saying it was likely to be affected by slower credit expansion, increased pressure on banking spreads and lower fee income growth. It also cut its recommendation on the bank’s share to sell from hold. BoC said it will release provisional data on its 2008 figures on February 3 before making public audited figures on February 25. On Wednesday, Greece’s fourth-largest lender, Piraeus Bank, said it may take legal action against Deutsche Bank over the same report, claiming it contained serious errors.

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