Insider Business Hellenic reassures co-op customers as it readies for take-over

Hellenic reassures co-op customers as it readies for take-over

Hellenic Bank has assured clients of the Cyprus Co-operative Bank that nothing will change as regards their banking transactions when Hellenic absorbs the good part of the CCB.

The assurances was given by Irena Georgiadou, who heads the committee set up at Hellenic to oversee the integration of the co-op into Hellenic.

She told Radio Active on Wednesday that the CCB’s banking licence expires on Friday and it will therefore not be in a position to carry out any transactions. On Monday, a new era dawns for Hellenic, she added.

The CCB branches that are to close will be announced by Friday noon, after which Hellenic will review the combined branch network over a period of a few months and decide which will be upgraded, which merged or renovated.

Co-op clients will in the next few days receive letters about the 40 branches that will close. Clients will have the right to choose their branch and whether they want to continue to cooperate with Hellenic.

As from Monday, loans, interest rates and loan instalments will remain unchanged. Transactions will continue with the same credit cards. CCB cheque books and passwords for internet access remain in force.

Hellenic will take over only performing loans, with non-performing loans to be transferred to the new asset management agency,

On Monday Hellenic will also welcome the new employees who will join it from the co-op.

The time schedule for the completion of the transition is 15 months, in line with undertakings made to the European Commission, supervisors and HB shareholders.


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