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KEDIPES is expected to move forward in its transformation into an asset management company (a ‘bad bank’), StockWatch reported on Monday.

The company, which was set up to manage non-performing loans from the failed Cooperative Bank, currently has about €480 million in NPLs from various sources up for sale.

By the end of August, an advisor is expected to be appointed by the Ministry of Finance   to manage the whole process, according to the report.

KEDIPES has pre-selected six potential investors, including domestic financial institutions and investment companies that have a physical presence in Cyprus.

Based on the terms of the order, KEDIPES will provide access to the portfolio of serviced loans and restructured loans to all selected potential investors for the relevant evaluation.

According to the report, the amount of non-performing loans within the domestic banking system amounts to approximately €5.5 billion. Both Bank of Cyprus and Hellenic Bank have sold off the majority of their NPL holdings.

TIOmarkets – an FX brokerage, is going to be offering the 4-day working week to its staff.  This is reportedly the first time that a Cyprus FX house has made such an offer.

“The idea is that we will breed more efficiency if our staff have a better work-life balance. We’ve seen the model work in Northern Europe, and would like to see if it could work in Cyprus also,” TIOMarkets Chief Marketing Officer Helen Astaniou told the Cyprus Mail in a note.

The plan, according to Astaniou, is as follows: Employees will work four days instead of five; they will receive the same pay (salary is based on a 5-day working week); and they will enjoy the same amount of annual leave (the same holidays).

Since issuing its first forex brokerage licence in 1988, Cyprus now has over 40 firms domiciled on the island.

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