THURSDAY, 26 APR 2018

 

CONNECT

Facebook Linked In Twitter
PwC_12/04-25/04_728x90px
GloriaJeans_266x90px
IMH LTD

Korneliou to UN: The Cyprus Problem Must Be Resolved

Eni’s CEO: We will not Give Up our Rights in Block 3

IMH LTD
MTN_07/07-10/04_468x60px

BUSINESS

brought to you by Deloitte

Ioannou: Attracting Investor Interest for Cooperative Bank a Must

Ioannou: Attracting Investor Interest for Cooperative Bank a Must

Attracting investor interest for the Cyprus Cooperative Bank is a must and a move everyone should contribute in, in order to shield the Cypriot economy, Financial Ombudsman Pavlos Ioannou has said.
 
Addressing the “Property Show”, on Saturday, Ioannou said that accumulated non-performing loans are not just a result of the economic crisis but also “a creation of the behaviour of the Cooperative`s main structure” According to him this is why “immediate action is needed.”
 
Cooperative credit institutions “are no longer cooperative,” he said.
 
The Financial Ombudsman, who also expressed his approval of a move by the Ministry of Finance to attract investor interest for the Cyprus Cooperative Bank, in statements yesterday, said the ministry’s recent steps “constitute well thought out and clever moves" which apart from having shielded the system from various uncertainties and insecurities will create the basis for the privatisation of the Cyprus Cooperative Bank.

In his address he also noted that everyone should contribute in the effort to have a successful outcome, which would in turn mean that they are contributing in shielding the Cypriot economy.
 
Under the pressure from the EU Single Supervisory Mechanism (SSM) to raise provisions against bad loans depleting its capital, the CCB launched on March 19 a privatisation process offering potential investors two options, either acquiring the whole banking entity or acquiring its performing operations and a part of its banking network or its non-performing loans amounting to €6.2 billion which amount to 60% of its total loan book, the Cyprus News Agency reports.
 
Cyprus bailed out the CCB in 2014 injecting €1.5 billion of capital using loans it received by the EU and the IMF as part of the €10 billion financial assistance programme. In 2015 the government injected an additional €0.17 billion to boost the CCB’s capital.

In December 2017 the CCB’s capital amounted to €1.1 billion.

MORE ON BUSINESS

Press Conference Held to Announce Limassol Boat Show 2018

A press conference announcing this year’s Limassol Boat Show was held at Marina ...

Branding Expert Mark Tungate at the 5th Brand Congress

All great brands have one thing in common: they are far more than the product or service ...

Privatisation Process for Cyprus Cooperative Bank Postponed Until Mid-May

The privatisation process for the Cyprus Cooperative Bank has been postponed for mid-May ...

FROM AROUND GOLDNEWS

   

C. Samir & Co. LLC Included in Legal 500 Rankings

C. Samir & Co. LLC has announced its 2018 re-inclusion with the world-renowned Legal 500 Rankings for Europe, the Middle East & Africa as a Leading Law ...
   

Barclays Pushed Into Loss by US Payout

Barclays has been pushed into a first quarter loss after paying $2bn (£1.4bn) to settle a lawsuit in the US over the sale of mortgage-backed securities. ...
   

Press Conference Held to Announce Limassol Boat Show 2018

A press conference announcing this year’s Limassol Boat Show was held at Marina Breeze Lounge Bar at Limassol Marina on Wednesday 25th of April, in the ...
   

Samsung Electronics Posts Fourth Quarter Of Record Profits

Samsung Electronics posted record profits for a fourth quarter in a row, thanks to strong demand for its memory chips and new Galaxy S9 smartphone. The ...
   

Aristo Proceeds with Third Phase of Plage Residences

With the construction of Plage Residences luxury homes progressing rapidly and the first two phases of the project hitting record sales, Aristo Developers is ...
   

Branding Expert Mark Tungate at the 5th Brand Congress

All great brands have one thing in common: they are far more than the product or service that they offer. Brands that consumers believe in – are loyal ...
   

Public Sector Balance for 2017 Registers Surplus of €343.6M

The annual public sector balance for 2017 registered a surplus of €343.6 mn, which corresponds to 1.8% of GDP. Total annual expenditure increased by 4.3% ...
   

Retail Trade Increases by 2.8% in February

On the basis of provisional estimates, the Turnover Value Index of Retail Trade for February 2018 increased by 2.8% compared to the corresponding month of the ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Invest Career 19/04-26/08
Gold_Digital_Edition_300x250px

IMH LTD