Crisis: Cypriot banks looking for way to exit Greek markets

20 August, 13:48

(ANSAmed) - NICOSIA, AUGUST 20 - Cypriot banks are examining ways of reducing their exposure to the Greek economy, including their total withdrawal from Greece, according to reports. The Cypriot edition of daily Kathimerini reported that the Bank of Cyprus and Greece's Alpha Bank are considering exchanging loan portfolios - so that Alpha takes over Bank of Cyprus's loans in Greece and vice versa - and that Marfin Investment Group (MIG) is considering taking over Cyprus Popular Bank's Greek operations. Greek markets account for about 40% of Cypriot banks' operations and their branches in Greece operate as subsidiaries, which means any losses are recorded on the books of the lenders on Cyprus. In a statement on the Cyprus Stock Exchange on Monday, Bank of Cyprus admitted that it was looking at an assets exchange but did not identify a specific Greek lender. (ANSAmed).


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