Insider Business Growing unease at the prospect of CCB deal

Growing unease at the prospect of CCB deal

Employees and customers of the Cyprus Co-operative Bank are expecting the announcement of an agreement for the acquisition of the bank’s ‘good part’ with great anxiety. Their concerns are not limited to the substance of the deal since there are also practical issues that need to be tackled, especially regarding CCB employees: how many will continue working, where and in what posts, how many will be laid off and how will they be compensated?

Meanwhile, CCB customers and executives of both banks, but mainly of Hellenic, are worried about the consequences from the absorption of such a large volume of operations: €4.5 billion in loans and €10 billion in deposits will be transferred to Hellenic Bank. Hellenic will need to find ways to absorb hundreds of thousands of deposits and credit cards, face complications that may arise from customers who bank with both banks, manage different electronic systems, automatic cash registers, security codes and more. All this must be done smoothly and within a reasonable time frame. The most likely example to be adopted is that of the transfer of Laiki Bank’s operations to Bank of Cyprus in 2013.

Read also: CCB deal expected soon: 800 employees to be laid off

Top Stories

234 new PCR cases announced on Monday

The Health Ministry also announced 234 new Coronavirus cases out of 5,167 PCR tests on Monday 23 November and another 70 out of 5,665...

Mobile emergency medical unit in Thessaloniki

The General Staff of the Army is proceeding with the creation of a mobile emergency medical unit in the courtyard of the 424 General...

State Health Organization: 170 nurses hired

The State Health Services Organization (OKYpY) noted that so far 170 nurses have been asked to sign contracts. This was said in reply to...

Negative record of confirmed COVID-19 cases from rapid tests in Fanagusta

Famagusta seems to have a negative record of confirmed COVID-19 cases found by antigen rabid tests, compared to other towns. From 16 November, when the...

yprus trade deficit declines in January – August 2020, affected by Covid-19

Cyprus’ trade deficit for the period of January – August 2020 declined by an annual 11.5%, with trade affected by the coronavirus pandemic. According to...

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...