Agreement For Acquisition of Cypriot Bank Branches in Greece

Central bank of cyprus (Photo credit: Wikipedia)

Greece and Cyprus have agreed on the acquisition of the Cypriot banks' branches in Greece by a Greek banking group, Athens' Finance Ministry announced on Friday. A Finance Ministry announcement said that "the procedure for the acquisition of the Cypriot banks' branches in Greece by a Greek banking group, in close cooperation with the Central Bank of Cyprus, is beginning immediately".

The same announcement said that "with this development, Greece is being shored up given that the entirety of the deposits of citizens in the Cypriot banks is totally secured".

   "We are working night and day for the complete ensurance of the stability of the banking system as well as for finding a sustainable solution for the economy of Cyprus and its citizens," Greek Finance Minister Yannis Stournaras. (AMNA)