Cyprus Mail

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.

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