CPB: Agreement with HSBC for purchase of part of its assets and liabilities
15/5/2006 9:53
The Cyprus Popular Bank Public Company Ltd (Laiki Bank) announces that it has entered into an agreement to purchase certain of the assets and liabilities of the Nicosia Branch of HSBC Bank Plc. These assets and liabilities are customer loans of CYP20m and related guarantees and customer deposits of CYP77m. The assets and liabilities will be transferred to Laiki at their face value and there will be no payment of goodwill.
The purchase is subject to the approval of the Central Bank of Cyprus.
In addition, Laiki will offer employment to the majority of the HSBC branch staff.
The purchase is subject to the approval of the Central Bank of Cyprus.
In addition, Laiki will offer employment to the majority of the HSBC branch staff.
