Three investors are interested in the co-op bank, as the procedure to dispose of the state-controlled lender enters its final stretch, it was reported recently.
According to the Cyprus News Agency, by Monday April 23, 2018 the co-op bank is expected to wrap up presentations to prospective investors and any binding offers will be submitted by Monday, April 30.
Bank officials did not, however, rule out further consultations next week.
On March 19 the Cooperative Central Bank launched a tender for expression of interest offering two options – acquiring a controlling stake in the bank’s share capital, currently owned by the state, or acquiring assets and liabilities.
Two of the three potential investors are examining both options, the agency said, while the third is exclusively interested in the second.
Only Hellenic Bank has officially confirmed it is participating in the procedure. Any proposal would have to be approved by the EU’s Single Supervisory Mechanism, which oversees the co-op bank.
The state nationalised the co-op banks in 2013 through a €1.7 billion injection. Earlier this month it was forced to deposit €2.5 billion in a bid to boost confidence amid rumours that sparked a run on the lender.
Source: Cyprus Mail