Cyprus Mail
Cyprus

Deadline for investor interest in co-op extended

The deadline for interested parties to submit binding bids for the acquisition of the co-operative bank or part of it, has been extended to mid-May, it was reported on Wednesday.

Under the initial timeframe, binding offers should have been submitted by next Monday, the Cyprus News Agency said.

Citing unnamed source, CNA said the delay had been approved by the European Central Bank and the Single Supervisory Mechanism (SSM), which supervises Cyprus’ four systemic banks. Any transaction would be subject to the SSM’s approval.

“The process is going well, the interest is considerable and serious and therefore there should be sufficient time for a decision,” the same source told CNA.

Saddled with non-performing exposures (NPEs) amounting to €6.2bn, or roughly 60 per cent of its total loans, and facing mounting capital needs due to new assumptions concerning the valuation of collateral connected with the its NPEs, the Cyprus Co-operative Bank (CCB) launched a bidding process offering prospective investors with two options.

Investors should either either acquire the whole banking entity through a capital increase or acquire part of the bank, that is, performing loans, deposits and part of its banking network.

So far, only Hellenic Bank confirmed its interest for the CCB.

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