Laiki rating not affected by HSBC move

Citing a report by Moody’s, the international rating agency, Laiki Bank officials said their rating will not change and the outlook for the bank remains unaffected even if HSBC decides to dispose its stake in the Bank.

Mirroring earlier reports by the Financial Mirror regarding intense rumours that HSBC, with a 21.3% stake in Cyprus’ second largest financial institution is considering a sale to a Greek bank, the daily Politis newspaper said HSBC is talking with Marfin for a possible stake sale.

Reports are also emerging that HSBC has decided not to participate in the forthcoming rights issue planned by Laiki, but the reports have not been confirmed and are speculative in nature.