NewsLocalBank of Cyprus, Cyprus Cooperative Bank and Hellenic Bank are put under...

Bank of Cyprus, Cyprus Cooperative Bank and Hellenic Bank are put under the microscope

Both Bank of Cyprus and Hellenic Bank are expected to express an interest in Cyprus Cooperative Bank.  It is already estimated that attention will be mainly focused on the healthy portfolio of the bank.

First of all, the banks will examine the 2017 unaudited accounts and by 29 March they will decide whether to show further interest in taking the next step and purchasing a part of the bank. Recently, John Hourican, the CEO of Bank of Cyprus, did not rule out the possibility that the bank would be interested in the “good part of CCB”, namely the various co-operative banks of civil servants and semi-governmental organizations.  Moreover, Ioannis Matsis, chief executive officer of Hellenic Bank, recently mentioned that “it is our duty to take into consideration every opportunity that might lead to a possible merger for Hellenic Bank”.

The Government wants to close the CCB matter soon. The main issue at stake is to find an investor to participate in its share capital or investors that might purchase part or even the whole of non-performing loans. The aim is to find investors interested in both types of investments.

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