Cyprus Mail

Greek owned Cyprus banks likely to be taken over

By Stelios Orphanides

The subsidiaries of the four Greek banks operating in Cyprus are likely to change hands in the coming days as sweeping changes in the Greek banking sector are expected, sources have said.

The change of ownership of the Greek subsidiaries in Cyprus may result either following a decision of the supervisory authorities or under the terms of a new bailout agreement Greece was seeking, people in the know including a banker at one of the four units said.

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