(ANSAmed) - NICOSIA, AUGUST 20 - Cypriot banks are examining
ways of reducing their exposure to the Greek economy, including
their total withdrawal from Greece, according to reports. The
Cypriot edition of daily Kathimerini reported that the Bank of
Cyprus and Greece's Alpha Bank are considering exchanging loan
portfolios - so that Alpha takes over Bank of Cyprus's loans in
Greece and vice versa - and that Marfin Investment Group (MIG)
is considering taking over Cyprus Popular Bank's Greek
operations. Greek markets account for about 40% of Cypriot
banks' operations and their branches in Greece operate as
subsidiaries, which means any losses are recorded on the books
of the lenders on Cyprus. In a statement on the Cyprus Stock
Exchange on Monday, Bank of Cyprus admitted that it was looking
at an assets exchange but did not identify a specific Greek
lender. (ANSAmed).
