Bank of Cyprus refused right to drop Emporiki bid

Thursday 20 July 2006 at 16:00

The Greek securities regulator this morning refused to grant Bank of Cyprus permission to withdraw its €3.9bn ($4.9bn) offer for Emporiki Bank.

Following a board meeting yesterday, Bank of Cyprus decided to withdraw its bid for Emporiki, apparently leaving the way clear for a rival offer from Crédit Agricole, but the regulator refused the bank permission.