Customer deposits and advances of Laiki in UK transferred to Bank of Cyprus

The announcement said that these advances will continue to be administered by the Laiki UK branch on behalf of Bank of Cyprus Public Company Ltd.

The customer deposits of the Laiki UK Branch have been acquired by Bank of Cyprus UK Ltd, a wholly-owned subsidiary of Bank of Cyprus Public Company Ltd, and comprise about 15,000 accounts with total balances of approximately £270mn.

With the exception of the above customer advances and customer deposits, no assets, liabilities, premises, staff or other obligations of the Laiki UK branch have been transferred to Bank of Cyprus Public Company Limited or Bank of Cyprus UK Limited.

Regarding the branch operations of Bank of Cyprus in Romania, they have been suspended by the Central Bank of Cyprus for one week starting 1 April 2013. The aim of this suspension is to explore the possibility of reorganising the operations through a sale, according to the announcement.

The recapitalisation and restructuring of the Group was achieved by the decrees issued on 25 March 2013 and 29 March 2013 by the Central Bank of Cyprus in its capacity as the Resolution Authority.

In the early hours of Monday, March 25, Eurozone Finance Ministers and the IMF agreed on a 10 billion financial assistance package after the Cypriot authorities agreed to wind down the Cyprus Popular Bank (CPB), the island’s second largest lender, and to restructure the Bank of Cyprus (BOCY), Cyprus’ biggest bank, after imposing losses on deposits above €100,000.