Cyprus units of Greek banks attracting funds

Growth in deposits at the Cypriot units of Greek banks grew for a fourth month in March, as European Union officials hammered out a financial rescue package for Greece amid concern it was heading for a default. Deposits held by Cyprus units of Greek banks climbed 3.1 percent in March to 8.1 billion euros, bringing the increase since the end of November to 15 percent, according to Central Bank of Cyprus data, Bloomberg reported. For March, total deposits there rose 1.3 percent and for the four months added 4.4 percent. Greek bank deposits fell 4.5 percent in the first quarter and 0.9 percent in March, the Bank of Greece said yesterday. Total deposits for companies and individuals stood at 227.4 billion euros at the end of March. The transfers to Cyprus were mainly by businesspeople, according to Constantinos Loizides, managing director of Bank of Piraeus (Cyprus).

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.