Local
articles | 15 December 2014

Cooperatives rebranded after successful stress test completion, return to profitability

The Cooperative Central Bank, one of four systemic Cypriot lenders supervised by the European Central Bank’s single supervisory mechanism after successfully completing the ECB’s asset quality review in October showing a €331m capital buffer in the pessimistic scenario, has launched a new brand logo, the lender said.

“The new logo expresses this dynamism, the unity of forces and the contemporary image of the movement,” the lender said in an emailed statement adding that its new motto is now “same values, new perspective”.

The Cooperative Central Bank, which has a market share of 17% in terms of deposits and 27% in terms of loans in the Cypriot banking system, was recapitalised earlier this year with €1.5 billion, Cyprus received as part of its March 2013, bailout agreement. International creditors earmarked an additional €1 billion for its recapitalisation, which remains unused after the stress tests showed the lender had no need for additional capital.

The chairman of the Cooperative Central Bank Nicholas Hadjiyiannis said that the lender completed in difficult circumstances “an unwitnessed venture”.

“We faced changes proactively,” he said in relation to the stress test success. “We went ahead with changes affecting the entire range of the cooperative banks’ operations. We aimed to refresh them by making them a contemporary and robust organisation”.

Hadjyiannis said that the Cooperative Central Bank, the largest Cypriot bank in terms of customers and branch network, promises to continue to move forward decisively “and positively surprise Cypriot society and the citizens who trust us, with our results and performance, our products and services”.

The Cooperative Central Bank posted a €109.5 million profit in January to September, and a 43.5% ratio of loans past due 90 days.

“We know that society has expectations from us,” Hadjiyiannis said. “It feels we are around, we listen to their concerns, that we speak its language. We know the country needs strong cooperatives”.

Source: Cyprus Mail

Cooperation Partners
  • Logo for Cyprus Chamber of Commerce and Industry
  • Logo for Cyprus In Your Heart
  • Logo for Cyprus International Businesses Association
  • Logo for Ministry of Energy, Commerce, Industry and Tourism
  • Logo for Invest Cyprus
  • Logo for Cyprus Investment Funds Association
  • Logo for Cyprus Shipping Chamber
  • Logo for Association of Cyprus Banks
  • Logo for CFA Cyprus