Insider Business Landmark day for Cyprus banking sector

Landmark day for Cyprus banking sector

The Cyprus Co-operative Bank has closed after 108 years of operation, and 400,000 customers have become clients of Hellenic Bank which officially today takes over the CCB’s branch network.

The CCB no longer has a banking licence, and is being converted into an asset management company for NPLs. Monday marks a landmark day for the banking sector, with Hellenic becoming the second largest bank on the island and together with Bank of Cyprus controlling two thirds of deposits and half the loans.

About 400,000 CCB clients have been transferred to Hellenic which is ready to welcome both the clients and the employees of the CCB being transferred to the bank.

By the beginning of October, 43 CCB branches will close, whereas the closure of a total of 100 branches will be completed by the end of the 15 month transition period.

All CCB branches will be open today, while all the ATMs of both branches will be able to cater for all clients without charge. Debit and credit cards are operating as normal while any SEPA payments between the two networks are free of charge as of Monday and will be carried out on the same day.

 

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