Greek bank subsidiaries in Cyprus are protected, Cyprus Central Bank (CBC) Supervision Department Head Yiangos Demetriou said on Friday, dismissing concerns due to the economic instability in Greece. Speaking after a meeting with managers of Greek bank subsidiaries in Cyprus, Alpha Bank Cyprus, National Bank of Greece (Cyprus), Eurobank Cyprus Ltd and Piraeus Bank (Cyprus), he said there was no reason for concern, adding that there have been regular contacts with the subsidiaries of Greek banks in Cyprus since last December. Demetriou said the four subsidiaries are Cypriot banks licensed and controlled by the Central Bank of Cyprus, with their parent banks in Greece as shareholders. (source: CNA)
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