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November 27, 2021

BNR on the BoC: Marfin Bank can honour any repayment request

Marfin Bank Romania took over, from the local Bank of Cyprus (BoC), deposits worth EUR 77 M and gross assets of EUR 82 M, the two banks announced Friday, quoted by Mediafax. “The former customers of Bank of Cyprus will benefit from our services starting Monday (today), April 29,” the CEO of Marfin Bank Romania, Doros Ktorides said.

Bank of Cyprus also informed that its Romanian branch resumed operations Friday and will service the customers whose contracts were not transferred to Marfin Bank. For the time being, the operations will be conducted via the Dorobanti bank office located at 187B, Dorobantilor Avenue, District 1, Bucharest. The agencies and offices of the local Bank of Cyprus will remain closed and all the individual customers, plus part of legal persons that operated through these units will be transferred to Marfin Bank (Romania).

The head of the Supervisory department of BNR, Nicolae Cinteza assured that Marfin Bank Romania will be able to honor any repayment requests, after taking over the deposits from Bank of Cyprus, and the high solvability level of the bank will allow BNR to provide it with the needed cash. The Competition Council issued a decision of derogation from the provisions of the Competition Law, which allows Marfin Bank Romania to take over the deposits of Bank of Cyprus Public Company Limited Nicosia – Romania Branch (BoC) before obtaining the authorisation issued by the competition authority.

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