Cyprus Popular Bank [SEP] dissolved or abolished
Cyprus Popular Bank
Cyprus Popular Bank (from 2006 to 2011 known as Marfin Popular Bank) was the second largest banking group in Cyprus behind the Bank of Cyprus until it was 'shuttered' in March 2013 and split into two parts. The 'good' Cypriot part was merged into the Bank of Cyprus (including insured deposits under 100,000 Euro) and the 'bad' part or legacy entity holds all the overseas operations as well as uninsured deposits above 100,000 Euro, old shares and bonds. The uninsured depositors were subject
Union, the European Central Bank and the International Monetary Fund, in return for Cyprus agreeing to close its second largest bank, the Cyprus Popular Bank, also known as Laiki Bank. The Cypriots had to agree to levy all uninsured deposits there and possibly around 40% of uninsured deposits in the Bank of Cyprus, the island's largest commercial bank. After an initial proposal was replaced with the final proposal, no insured deposit of €100,000 or less was to be affected. The levy of deposits that exceeded €100,000 was