Bank of Cyprus looks into loan book swap with Greek bank

Bank of Cyprus is looking into swapping part of its loan book with a Greek bank as part of moves to strengthen its capital base, it said in a stock exchange filing on Monday.

Cypriot banks operating in Greece have been battered by the country’s debt crisis and deep recession which have caused losses in the sovereign debt restructuring and a rise in non-performing loans. Cyprus sought emergency financial aid from its EU partners on June 25.

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