Thursday, April 25, 2013

Romania finds solution for Bank of Cyprus unit

(Reuters) - Romania and Cyprus authorities have found a solution for the local unit of Bank of Cyprus (BoC), which has been closed for more than two weeks to find a buyer, a central bank official said on Tuesday.

"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, told Reuters.

The solution will need two more days "for technical proceedings" before disclosure, Vasilescu said, declining to comment on whether a buyer had been found.

Two of Cyprus's banks operate in Romania: Bank of Cyprus and Marfin, a unit of Popular Bank of Cyprus (BoC), also known as Laiki. Together the two control less than 1.3 percent of assets in the Balkan country's banking system. (Reporting by Radu Marinas; Editing by Sam Cage)

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