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Tuesday, March 25, 2014

Exclusive: Bank of Cyprus kicks off review of restructuring plans

By Laura Noonan NICOSIA (Reuters) - Bailed-out Bank of Cyprus is reviewing its restructuring plans in a move that could result in billions of euros of its troubled assets being put into a "bad bank", chief executive John Hourican said. Hourican took the top job at Cyprus' largest bank in October after it was rescued during an international bail-out of the island, which had run into financial problems partly because of the exposure to debt-laden Greece. This plan also envisaged the bank remaining reliant on some emergency funding from the Central Bank of Cyprus until 2017. But Hourican, former investment banking head at Royal Bank of Scotland , wants to look again at all the options.


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