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Hellenic Bank Negotiates Over Piraeus Bank Cyprus Acquirement

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Hellenic Bank is discussing the possibility of acquiring Piraeus Bank Cyprus.

Negotiations have been reported to be advancing and have facilitated a due diligence check, according to CNA. Current acquisition efforts for the four branches had been implemented prior to the financial situation in Greece, and are being analyzed by the European Commission Directorate General on Competition. The nation's global creditors are also informed on the latest progressions.

Banking authorities predict that these occurrences would secure the island's banking genre, by establishing a third pillar. Back in March 2013, Cyprus held its own bailout with the IMF and EU to avoid any additional downfalls of its banking system.