Authorities from Romania and Cyprus have found a solution for the local unit of the Bank of Cyprus. The bank has been closed for more than two weeks in its search for a possible buyer, as confirmed by a central bank official last Tuesday.
According to Adrian Vasilescu, advisor to Governor Mugur Isarescu, "Thanks to a good cooperation, we eventually found a solution. Deposits are protected and will be under Romanian authority."
The said solution would be needing two more days "technical proceedings' before actual disclosure according to Vasilescu. He declined to comment on whether a buyer has been found for the bank.
There are two banks from Cyprus that currently operate in Romania, namely the Bank of Cyprus and Marfin, a subsidiary of the Popular Bank of Cyprus or Laiki Bank. The two banks together control less than 1.3% of the banking assets in the banking system of the Balkan country.
Join the Conversation