Cyprus: Marfin Laiki Bank merged with Bank of Cyprus

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laiki-bankA bit of history
Cyprus Popular Bank (also known as Marfin Laiki Bank) was the second largest banking group in Cyprus behind the Bank of Cyprus. Its shares were listed on the Cyprus Stock Exchange and the Athens Stock Exchange. Cyprus Popular Bank had a network of more than 295 branches in Cyprus, Russia, Ukraine, Romania, Serbia, the UK and Malta. The bank had applied to open a representative office in Beijing, People’s Republic of China. In March 2013 after the bank collapsed, it was decided to liquidate the bank as part of the bailout conditions set by international lenders.
Marfin Laiki Bank merged with Bank of Cyprus
Over the weekend customer base and electronic system of ex-Laiki Bank were merged with Bank of Cyprus (BoC). The migration process, which began months ago, was completed by Monday morning. The transfer involved around 1.1 million customers of ex-Laiki; the figure includes individuals and corporations, Cypriot and foreign, as well as guarantors. Almost 1 million account holders with ex-Laiki Bank were transferred to BoC. Director of Consumer Banking of Bank of Cyprus Charis Pouangare said the transition was smooth, with the merger of the bank’s electronic systems completed by Monday morning. By then, Laiki’s internet banking service (ebank) – access to which was interrupted over the three days – was transferred to the BoC’s 1bank service. From Friday to Monday, ex-Laiki customers were able to access BoC ATMs with their old Laiki credit and debit cards, but only to view their accounts and make cash withdrawals from their primary account. Transfers between own accounts were not possible during this time.
Replacement of ex-Laiki bank cards
Mr Pouangare said the replacement of ex-Laiki credit cards has not yet begun and that the process would take a little over a month. The issuance of the new cards, which will be connected to the new account numbers, will be completed by the end of the summer. Ex-Laiki customers don’t need to change their PIN on obtaining the new BoC cards. Ex-Laiki cards will continue being valid until the designated expiry date, but will be cancelled once a customer uses the new BoC card for a transaction. For more information, customers can contact BoC’s call centre at 8000 2000.