Cyprus Plans Law to Stop Bank Takeovers, Finance Minister Says

Cyprus plans legislation allowing it to stop the takeover of a bank, a move that could complicate efforts by Lone Star Funds to acquire the country’s largest lender.

“We have learned how important the banking sector is for Cyprus,” Finance Minister Constantinos Petrides said in an Alpha TV interview Monday, adding that the government should be able to prevent some takeovers of banks. The Mediterranean island’s banking industry was restructured in 2013 when Cyprus entered a bailout.

The legislation is on it’s way to parliament. While there is no set date for a vote, the ministry wants it to be ...