Cyprus Mail
Business

Co-op proposals under scrutiny from supervisors

Bank supervisors were studying the two binding proposals from prospective investors on Thursday, as one of the bidders, Hellenic Bank, has had its titles suspended by the stock market until it provides details of its proposal.

The Cyprus News Agency said the investors’ proposals were being scrutinized by EU supervisors with the co-op’s consultants, Citigroup, giving presentations at the Single Supervisory Mechanism and Directorate General for Competition.

Citgroup has also asked the two bidders, Apollo Global Management and Hellenic, for some clarifications, the agency said.

Meanwhile, the stock marker has suspended trading of Hellenic shares until the lender gives more details of its proposal.

“Suspension of trading has been valid as of yesterday, Wednesday, May 16, 2018, and until the bank is in a position to issue an announcement in relation to the acquisition proposal for the Cyprus Cooperative Bank Ltd, which will meet the requirements of Regulation 596/2014 on market abuse.”

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 in March.

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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