Bank of Cyprus Depositors Hand Over 47.5% in Bail In-Source

ATHENS–Large deposit holders at Bank of Cyprus PCL (BOCY.CP) will see almost half of their deposits turned into equity at the lender as part of the country’s international bailout, a senior bank official said Sunday.

After an all day meetings Saturday between President Nicos Anastasiades and representatives from the country’s creditors–its euro-zone partners and the International Monetary Fund–it was decided that 42.5% of all deposits over 100,000 euros ($132,764) will be converted into shares as part of its recapitalisation plan, the official said. Continue reading