Insider Business Bank employees assigned special ‘red’ duties

Bank employees assigned special ‘red’ duties

With the island’s banking system still in turmoil because of the high level of non-performing loans, employees of big lenders could not remain unaffected. Especially those in red loan divisions despite the fact that more and more foreign specialised loan management companies are buying portfolios.

Specifically, these bank employees have either been transferred to the companies that took over non-performing loans or are candidates for a temporary transfer. And, always, in consultation with ETYK – the Cyprus Bank Employees Union.

So far, the union has managed to brand all these employees as “borrowed” ones and they did return to the banks after some time, according to Phileleftheros.

Specifically, 108 employees were transferred from Apollo’s Gordian Holdings to Bank of Cyprus after the sake of a red loan portfolio with a gross value of €2.8 billion. Agreement on the time period after which these employees will be entitled to return to the bank is still pending, but insiders believe it’s going to be a maximum of five years.

As for Hellenic Bank, an agreement was reached with APS for the management of non-performing loans of €2.4 billion in January 2017. This meant that 117 employees were transferred to the new company set up with Hellenic Bank holding a 49% stake and APS the remaining 51% in July 2017.

The agreement between Hellenic and ETYK provided that these employees had a minimum of two and a maximum of five years of a return right. By July 2019, more than half of the ‘borrowed’ employees returned to Hellenic.

In August 2018, Altamira Asset Management Cyprus relocated a total of 350 former Co-operative Bank employees, of whom 108 soon opted for a voluntary retirement plan and left. Altamira manages a collapsed Co-op Bank red loan portfolio of almost €7 billion.

Under agreements signed by then Co-op Bank and Etyk as well as other trade unions, all employees transferred to Altamira have the right to return to KEDIPES after one year – that is, as from February 2020.

 

Read more:

https://in-cyprus.com/hellenic-bank-first-instalment-for-red-loans/

Top Stories

Arson attempt against 29-year-old’s car

An arson attempt against the car of a 29-year-old man from Agios Athanasion took place on Tuesday at noon. According to information, the culprits placed...

Defense Minister: Enhancing relations with Gulf states a priority

Enhancing our relations with Gulf states, which are developed militarily and have significant capabilities and defence equipment, is among our priorities, Cyprus Minister of...

Temperature in Cyprus tonight at -6 C

This afternoon the weather will be mainly fine but chilly while Troodos mountain will be covered with frost. In the evening the weather will...

Doctor says lockdown “expression of our incompetence”

In a posting on social media, pulmonologist Charis Armeftis is wondering whether the “lockdown is nothing more than the expression of our incompetence?”  He...

Some 3.7 million euros to farmers due to coronavirus

So far, an amount of 2.4 million euros has been deposited in the accounts of producers who have been affected by the COVID-19 pandemic...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...