Cyprus Mail
Business Cyprus

Etyk announces 48-hour strike at APS, Hellenic’s NPL manager

Bank workers union Etyk said its members working at fHellenic Bank’s delinquent portfolio manager will hold a 48-hour strike on Monday, the first since it launched its operations on July 1.

The strike will be limited to APS Debt Servicing, which is in charge with managing the departments for loans in arrears, recoveries, real estate, and monitoring and collection, all former Hellenic Bank divisions absorbed by the new unit, Etyk said in a statement on its website on Tuesday.

The union, known for its inflammatory rhetoric, said that Hellenic, which owns a 49 per cent stake in APS Debt Servicing against a 51 per cent shareholding of the Prague-based APS Holdings SA, had no right to change the employment terms of workers transferred to APS.

Hellenic, which announced its agreement with APS in January, said affected workers were transferred to APS in accordance to provisions of Cypriot law stipulating that workers continue to work in the case of takeovers in new units under the same terms of employment as before. The lender also pledged to take back any worker who wished to return to the bank after a two-year period.

The union also referred to the agreement of the Central Cooperative Bank with Spain’s Altamira, announced on Monday, which also provides for the setup of a new unit to manage non-performing loans.

A source at Hellenic Bank said that the lender is still in an ongoing dialogue with the union.

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