GREECE: ERGO to take over the Bank of Cyprus' non-life insurer

30 January 2014 — Vlad BOLDIJAR
ergo2013General Insurance of Cyprus (GIC) - member of the Bank of Cyprus Group has entered into a cooperation agreement with ERGO in Greece, for the gradual transfer to ERGO of the existing insurance policies which were issued by KYPROU Asfalistiki - the branch of GIC in Greece.

The Bank of Cyprus, along with other Cypriot banks, was forced to sell its Greek operations in March 2013 to protect Greece from the financial turmoil caused by a botched attempt to bail out the island's banks. The Bank of Cyprus has been present in Greece for 22 years. Its branches and those of LAIKI Bank were taken over by PIRAEUS Bank last year.

According to the GIC press releases, the agreement does not affect the rights of customers who have insurance policies with KYPROU Asfalistiki, which will remain in force until their expiry: "they will continue to be served by KYPROU Asfalistiki until their current policies expire".

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