Piraeus Bank Cyprus which has five branches – one in each town – and about 300 staff will keep a share capital of 17.6%.

Lebanese businessman Maurice Sehnaoui who is also non-executive chairman of USB Bank Cyprus said in a statement on Friday evening:

“This significant investment in Piraeus Bank (Cyprus) is a result of our long-term activity and our commitment to Cyprus, and our confidence in the economy and the ability to recover from the crisis. We welcome also the continuing presence of the Bank Group Piraeus Bank and to our close cooperation.

“Finally, our team of distinguished international investors looking forward to dynamic growth and profitability of the Bank for the mutual benefit of its shareholders, customers and the Cyprus economy.”

Source: InCyprus