Bank of Cyprus Freezes Asset Exchange Plan, ekathimerini Says

Bank of Cyprus Pcl is freezing a plan to exchange its Greek assets for the Cypriot assets of one of the Greek banks operating in Cyprus, ekathimerini said, citing unnamed sources.

The main reason for the decision is the absence of reliable estimates regarding bad loans both in Greece and Cyprus at a time when a further deterioration of the economies in both countries is expected, the English-language version of the Kathimerini newspaper reported on its website today. It didn’t name the Greek bank.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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