Ex Co-op execs say probe panelist had conflict of interest
THREE former senior officials with the Cyprus Cooperative Bank (CCB) are taking legal action seeking to have the entire investigation into the bank’s demise declared...
Cooperative Central Bank
Coop appoints Citigroup to coordinate capital increase
The state-owned Cyprus Cooperative Bank said that it selected US lender Citigroup to act as global coordinator in its planned capital increase, which is part...
Co-op announces deal with Spanish NPL manager Altamira
The state-owned Cooperative Central Bank said that it entered an agreement with Spain’s Altamira Asset Management SS to set up a joint unit to which...
“Co-op IPO success depends on speedy NPL drop”
By Stelios Orphanides The state-owned Cooperative Central Bank (CCB) needs to reduce its stock of delinquent loans substantially, over the next months, in order to...
Co-op workers to decide on possible labour action over pay
Workers at the state-owned Cooperative Central Bank will vote next week to decide whether they will take industrial action after the lender rejected their demands,...
Co-op stock donation to have a fiscal impact, treasury says (updated)
The handover of 25 per cent of Cooperative Central Bank stock to its depositors and borrowers, which the government decided on May 31, may...
ECB issues NPL guideline, asks banks, governments to take more action (updated)
The European Central Bank (ECB) said that it issued a new guidance to euro area banks outlining measures and processes to effectively tackle non-performing loans,...
Government buys back debt maturing in 2019 worth €300m
The government bought back in December outstanding government development stock maturing in July 2019 worth €300m held by a “domestic investor,” a finance ministry source...
Cypriot banks in the process of becoming bad banks, economist says
As Cypriot banks are struggling to deal with their heap of bad loans largely via loan-to-land swaps, they may face additional challenges in the future,...
Shareholders approve Co-op’s merger with 18 administered banks
An extraordinary shareholders’ general meeting of the Cooperative Central Bank (CCB) approved on Friday the lender’s merger with the 18 separate cooperative saving banks (CSBs)...
CySEC approves Co-op’s prospectus ahead of CSE listing
The Cooperative Central Bank said that the Cyprus Securities and Exchange Commission approved on Thursday the government-owned lender’s prospectus ahead of its intended listing on...
Finance minister mulls compensating bailed-in depositors with coop shares
Finance minister Harris Georgiades said that the government is considering compensating depositors affected by the bail-in in 2013 with shares in the Cooperative Central Bank....
Coops post a net profit of €62m in January to September
The Cooperative Central Bank said that it generated €62m in net profit in the first nine months of the year, compared with a net loss...
Coop owners review progress, decide to meet in two months (Update-1)
The shareholders of the Cooperative Central Bank decided to meet again in two months’ time and take final decisions aiming at speeding up the bank’s...
Georgiades says NPLs still a serious challenge
Finance minister Harris Georgiades said that while the Cypriot banks’ high stock of non-performing loans rate remains a serious challenge to the sector, customer confidence...
Cooperative Central Bank restructures bad loans worth €324m in Q1
The Cooperative Central Bank, Cyprus’s second largest lender, restructured a total of 2,680 loans worth €324m the first three months of the year, the Cyprus...
Βanks need to inject healthy loans to avoid increased provisions
Cypriot banks need to inject fresh, healthy lending into the economy in order to support growth and so help job creation which will reduce non-performing...
CCB boss says strictest supervision will eliminate fraud at co-ops
The chief executive officer of the Cooperative Central Bank Nicolas Hadjiyiannis has vowed that fraud cases similar to those currently investigated by police will not...
Relations worsen between union and co-ops
By Angelos Anastasiou The standoff between bank employees’ union ETYK and the Co-operative Central Bank (CCB) seems to have taken a turn for the worse,...
Commission approves Cyprus co-op aid of €175m
By Angelos Anastasiou The European Commission on Friday announced the approval of additional state aid of €175 million in favour of the Cooperative Central Bank...