Greece’s Eurobank Ergasias announced it had completed the acquisition of 12.6% of Hellenic Bank, Cyprus’ second-largest lender. The Greek bank said it completed the acquisition of a 2.7% stake of Hellenic Bank’s
Loan restructurings recorded a 400% increase in the first six months of the year, reaching €1.4 bln, Cyprus Central Bank Governor Constantinos Herodotou told MPs. Herodotou, addressing Monday’s House Finance Committee on
Hellenic Bank saw its nine-month after-tax profits halved to €21 mln, from €40 mln in the same period last year, following a flat third quarter. It reported €8.2 mln in after-tax profits
Moody’s has deemed the latest Bank of Cyprus transaction to offload nonperforming loans and a property portfolio worth €700 mln as credit positive for the group’s balance sheet. It said the transaction,
The former CEO of Hellenic Bank, Ioannis Matsis, has been appointed the new chair of Invest Cyprus, the authority promoting the island as an investment destination abroad. Matsis replaces the outgoing Michalis
Bank of Cyprus, the one-time bellwether company of the services-based economy, continues to struggle with rising staff costs, little new business and a non-performing loan portfolio that refuses to go down. The
The Central Bank of Cyprus published data showing the evolution of aggregate non-performing loans for all credit institutions, with NPLs standing at €5.134 bln in May from €5.141 mln the month before.
Hellenic Bank, Cyprus’ second-largest lender, announced Q1 net profits of €12.9 mln, the fourth consecutive quarter in positive territory despite the impact of the Covid-19 pandemic. In the first three months, the
Bank of Cyprus successfully issued €300 mln Tier 2 bonds that were oversubscribed four times as international investors showed confidence in the Cypriot economy. The huge interest shown by investors for a
A Moody’s analysis said nonperforming exposures held by Cyprus banks declining 43% despite the pandemic is credit positive for the economy. The Central Bank of Cyprus said Cypriot banks’ nonperforming exposures (NPEs)
