The Central Bank of Cyprus issued on Saturday clarifications of the resolution measures implemented under the Resolution of Credit and Other Institutions Law, 2013 at the Bank of Cyprus and Laiki Bank.
The resolution measures already adopted are:
(a) The sale of Laiki Bank’s branches in Greece to Piraeus Bank in Greece
(b) The sale of Laiki Bank’s business in Cyprus (excluding the bank’s subsidiaries and branches abroad) to the Bank of Cyprus.
As a result of the above, all contracts are transferred to either the Bank of Cyprus or Piraeus Bank.
Furthermore, all branches of Laiki Bank will resume as normal today, 2 April 2013 together with their staff, but under the ownership of the Bank of Cyprus.