Cyprus Mail
Cyprus

Hellenic interested in Co-op bank, no bid made yet

Hellenic Bank announced on Friday that it is taking part in the Co-op bank’s process to attract potential investors but has not yet decided on whether it would make a bid.

“At present, no decision has been taken by the company as to whether it will submit a bid or not and on what conditions,” the lender said in a statement.

It followed rumours that the bank was interested in taking over part of the co-op, in line with the conditions announced by the government.

The state, which nationalized the co-ops in 2013 through a €1.7bn injection, is looking to dispose of the bank, or part of its assets in a process that started last month.

It also deposited €2.5bn raised from several bonds, worth €2.35, issued to the Cooperative Central Bank and from its cash reserves, in a bid to boost confidence amid rumours that sparked a run on the lender.


Related posts

Rewording of UN draft resolution after bid to avoid recognition fears

George Psyllides

Students vote to strike over new exam system

Staff Reporter

Edek insists Elam bust-up was in self-defence

Evie Andreou

Italy reiterates support for Cyprus over Turkish violation of EEZ (Updated)

Evie Andreou

Turkish Cypriots raising issue of direct flights with post-Brexit UK

Evie Andreou

Phone scammers pretending to be Cyta technicians

Gina Agapiou

14 comments

Comments are closed.