Bank of Cyprus British customers to be protected

More than 50,000 savers with money in the UK arm of Bank of Cyprus will soon be protected by Britain's financial compensation scheme. The move, which is likely to take effect in mid-July, will reassure any customers worried about their savings if Greece leaves the euro. Bank of Cyprus said its proposal to transfer its UK banking business to a subsidiary had been agreed by the Financial Services Authority. Bank of Cyprus's UK customers will be protected by the Financial Services Compensation Scheme, which covers the first £85,000 of any deposit if a bank fails.