WEDNESDAY, 30 NOV 2022

 

CONNECT

Facebook Linked In Twitter
IMH LTD

Kokkinos: Cyprus Ranks 10th In The EU As An Innovative Economy

European Commission Agreement To Mobilise €500 Mln For Social Investments

IMH LTD

SERVICES

brought to you by Barclays

EBRD Becomes Shareholder in Hellenic Bank

EBRD Becomes Shareholder in Hellenic Bank

The European Bank for Reconstruction and Development (EBRD) has entered into an agreement to acquire an equity stake in Hellenic Bank , the second largest commercial bank in Cyprus, investing €20 million in newly-issued shares.The EBRD will hold 5.4per cent of the bank’s share capital and voting rights. 

Hellenic Bank is privately-owned and listed on the Cyprus Stock Exchange. During the 2013/14 financial crisis, Hellenic Bank remained without government support, depositors’ bail-in or European Central Bank funding. However, the Cypriot banking sector is still suffering from a high level of non-performing loans (NPLs) and a contraction in lending. 

Lucyna Stańczak-Wuczyńska, EBRD Director for Financial Institutions and EU Banks, said: “By becoming a shareholder in Hellenic Bank the EBRD is taking a further important step to stabilise the Cypriot banking sector. Our focus will be on NPL restructuring, balance sheet repair and operational efficiencies. Successful NPL management will allow the bank to return to profitability and further develop its business model for the benefit of private and corporate clients.”

Bert Pijls, Chief Executive Officer of Hellenic Bank, said: “I am pleased and honoured to welcome the EBRD as a new shareholder and I am looking forward to expanding our cooperation in other areas of mutual interest.The EBRD’s investment indicates its trust in the prospects of Hellenic Bank while at the same time it is a vote of confidence in the Cypriot economy by a major and very well-respected international institution. The additional capital raised aims to support Hellenic Bank’s growth and contribute to the resolution of non-performing loans.”

The EBRD started investing in Cyprus last year for a temporary period envisaged to last until 2020. The Bank is focusing on investments in the financial sector, supportingprivatisations and private concessions and providing finance to projects of individual private companies. The EBRD’s goal is to support the recovery of the country’s economy following a deep financial crisis.

MORE ON SERVICES

Moving Away From AML Compliance Challenges

As we are approaching 2023, the world is facing its biggest Money Laundering (ML) ...

Deloitte Accepting Nominations For The 2022 “Technology FAST 50” Awards

Deloitte’s “Technology Fast 50” program ranks and recognises the 50 fastest growing ...

Fintech Marketing: Exploring Best Practices And Strategies

Success in fintech marketing requires not just an understanding of Securities & Exchange ...

FROM AROUND GOLDNEWS

   

Grand Opening Of Simplex LCA1, Cyprus’ Largest Data Center

Data centers are the foundations of the digital economy and as evidently demonstrated during the COVID-19 pandemic, critical infrastructure for the global ...
   

Defence Minister Discusses Bilateral Relations, E. Med And Turkish Provocations During Official Serbia Visit

Cyprus’ Defence Minister, Charalambos Petrides was on an official visit to Serbia on Tuesday during which he discussed with his Serbian counterpart, ...
   

AWS Helps Ukraine Safeguard Its Future

On Tuesday, November 29, at the AWS re:Invest 2022 in Las Vegas, the Ukraine Deputy Prime Minister and Minister for Digital Transformation Mykahilo Federov and ...
   

AWS re:Invent 2022 Opens Its Doors

On Monday, November 29, the AWS re:Invent 2022 opened its doors to the global cloud community to celebrate its successes over the year, showcase the power of ...
   

Cyprus Is Dealing With The Economic Crisis With Specific Investment Policies And Programmes, Finance Minister Says

Cyprus is dealing with the economic crisis with specific investment policies and programmes, bringing growth to 6%, and increasing the fiscal reserve to ...
   

Alphamega Hypermarkets Holds Big Christmas Tree Lightning Celebration

Alphamega Hypermarkets has officially started counting down to the most wonderful time of the year. Five Alphamega stores held simultaneous Christmas tree ...
   

3rd Annual Corporate Blood Donation Limassol Success

On the 2nd and 3rd of November 2022 with the initiative of the company Royal Pine, the 3rd Annual Corporate Blood Donation Limassol took place.
   

Kokkinos: Cyprus Ranks 10th In The EU As An Innovative Economy

Cyprus, as an innovative economy, based on European indicators, currently ranks 10th, compared with 22nd until five years ago, when it did not have the ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

simplex 16/11-13/12
imarcomms november

IMH LTD