The Co-operative Central Bank, the amalgamation of 18 Co-op savings that were bailed out and taken over by the government in 2014, has restructured loans to the tune of EUR 1.25 bln, up 20% from 2015, and reduced the ratio of non-performing loans to 47%.   The CCB’s CEO, Nicolas Hadjiyiannis, said in a memo

Lebanese banker Maurice Sehnaoui, who has controlling stakes in USB Bank and Societe Generale Cyprus through parent company BLC Bank SAL, and other investors have acquired a majority stake in Piraeus Bank Cyprus in a deal that involved a EUR 40 mln capital increase.   The Greek parent Piraeus Bank did not partake in the

The Cooperative Central Bank got the green light to list on the Cyprus Stock Exchange on Friday, after it’s a shareholders’ extraordinary general meeting approved the merger of the 18 cooperative credit institutions (CCIs) into a single legal entity.   The bank, 99.5%-ownd by the government after a EUR 1.7 bln bailout in 2014 and

A meeting between Greek Cypriot negotiator Andreas Mavroyiannis and Turkish Cypriot negotiator Ozdil Nami on Tuesday was “good and substantial,” according to the Cyprus News Agency.   The two men discussed the chapters of territory, property and the EU, and also prepared the meeting which will take place on Wednesday between President Nicos Anastasiades and

Real estate sales rose by 43% in 2016 from the year-earlier figures, according to data from the Department of Lands and Surveys (DLS).   Sale contracts submitted to the DLS reached 7,013 in 2016 compared with 4,952 in 2015. The data exclude sales to foreigners to be released at a later stage. December sale contracts

The government issued 13-week Treasury Bills on Tuesday amounting to EUR 100 mln with the average yield dropping to 0.02%, the lowest level ever, the Finance Ministry’s Public Debt Management Office (PDMO) said in a statement.   The issuance was oversubscribed by four times, as total offers reached EUR 400 mln. According to the PDMO,

The Central Bank of Cyprus (CBC), acting as the Resolution Authority, has appointed Kleovoulos Alexandrou as the new special administrator of Cyprus Popular Bank (Laiki Bank), which has been put into resolution since the 2013 Eurogroup decisions on the Cyprus bailout.   The appointment of the new special administrator, the third since the failed bank