Bahrain TII to Buy Bank of Cyprus Insurance Units, Politis Says

Bank of Cyprus, the country’s largest lender, is close to agreeing the sale of its insurance operations to Trust International Insurance Co (TRUST) EC, Politis reported today, without saying where it obtained the information.

The final approval on the sale of the Eurolife and Cyprus General Insurance units to the Bahrain-based group, which will help the lender meet its recapitalization requirements by June 30, may be taken at a shareholders meeting, the newspaper reported today, without saying how it got the information.

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net