News Summary: Piraeus to buy Cypriot bank units

News Summary: Greek bank Piraeus to pay $678 million for Greek operations of Cypriot banks

Associated Press

DEAL REACHED: Greece's Piraeus Bank reached a deal to buy the Greek operations of the Bank of Cyprus, Laiki and Hellenic for 524 million euros ($678 million.)

BIGGER FOOTPRINT: Piraeus's share of loans in the Greece rise from 19 percent to 27 percent. Its three new additions have combined assets of 16.4 billion euros and take Piraeus' branches up to 1,600.

RE-OPENING: Greece's conservative-led government pushed for the deal, as Cyprus remains in crisis over a bailout with large depositors on the island hit by a levy. Piraeus Bank said Cypriot bank branches in Greece will re-open Wednesday.

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