Marfin Romania takes over Bank of Cyprus subsidiary

Bank of Cyprus Public Co. Ltd. Sucursala Romania, a subsidiary of the island’s biggest lender, will be taken over by Marfin Bank (Romania) SA, whose parent company, Cyprus Popular Bank, is being wound down and its assets and operations transferred to Bank of Cyprus.
Under the agreement, gross assets of 82 mln euros, deposits of 77 mln euros, as well as all staff were transferred to Marfin Bank Romania which resumed operations on Friday after nearly a month.
The bank said the agencies and working points of the Romanian subsidiary in a number of locations are closed. All retail customers and certain legal entities of these agencies and working points will be served by Marfin Bank Romania SA.
Marfin and the Bank of Cyprus branch control less than 1.3% of assets in Romania's banking system.
"Thanks to a good cooperation we eventually found a solution. Deposits are protected and will be under Romanian authority," Adrian Vasilescu, an adviser to Governor Mugur Isarescu, said earlier in the week, as efforts were underway to find a buyer.