Cyprus Mail
Business

Cypriot unit of Bank of Piraeus may change hands in matter of weeks, chairman says

By Stelios Orphanides

Investors have expressed an interest in buying Bank of Piraeus (Cyprus) the lender’s chairman Constantinos Loizides has said.

He said the bank, which is a subsidiary of Greece’s Bank of Piraeus, had proactively sought potential buyers in an attempt to prevent a fire sale of foreign assets instructed by European authorities ahead of the recapitalisation of Greek banks.

“We would expect that with this new recapitalisation there would be a more urgent requirement that this reduction in the international balance sheets of Greek banks will be made imminently,” Loizides said in an interview. “As a result, it is at least the moral obligation if not the obligation of the banks towards their shareholders, the society, their staff and clients, to proactively seek investors in each country.

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