KEDIPES anticipates the completion of the evaluation currently getting drafted by BDO advisory firms of Ireland and Cyprus that will also determine its future plan, according to insiders.
The evaluation began in May 2019 after the signing of the tender agreement and is expected to be completed by end of 2019 even though the possibility of a small extension is there.
KEDIPES, the state-owned Cyprus Asset Management Company was established following the sale of the good part of collapsed Cyprus Cooperative Bank to Hellenic Bank.
The consulting firm was chosen to carry out a series of tasks such as:
-The examination of the organisational structure and business plan of KEDIPES
-The evaluation of the existing agreement with Altamira and the possibility of selling KEDIPES’ 49% stake in Altamira Asset Management Cyprus Limited. Under the agreement in question the Spanish Altamira retains first right in such a case.
-The examination of the existing agreement with Altamira and the negotiation of a new one, if such a need does come up. There is the possibility that rather than having a new agreement with Altamira, the BDO group may launch a new tender in order to find another company to serve the loans.
KEDIPES now has a staff of 345, and the Board of Directors has been set up following the appointment of three new independent members. Chairman is Lambros Papadopoulos, Vice chairman is Marios Hiromerides and anew member is Dr. Marios Pitsilli.
George Panteli and Dionysis Dionysiou remain on theboard representing the government until the appointment of two new members, while Stavros Iacovou and Lambros Papalambrianou are the two executive directors.