Piraeus Bank to add 9 more Cyprus branches by March

The acquisition of the Arab Bank network in Cyprus by the Piraeus Bank has concluded after the contracts for the acquisition were signed on Friday, following the agreement announced in December 2007.

Arab Bank has four branches, its own premises covering 4.600 sq.m. in central Nicosia, a staff of 105, a loans portfolio of €126 mln and deposits of €246 mln. The cost of the acquisition amounted to €15 mln.

Piraeus Bank (Cyprus) plans to open nine more branches by March.

The agreement was signed by Constantinos Loizides, Chairman and Managing Director of Piraeus Bank (Cyprus) and Sami Makarem Country Manager of Arab Bank in Cyprus. Also present were Marios Savvides and George Appios, the two General Managers of Piraeus Bank (Cyprus) and Charalambos Kouzalis, Corporate Banking Manager of Arab Bank in Cyprus.