Arab Today, arab today russian ukrainian companies become main owners of bank of cyprus
Last Updated : GMT 07:01:36
Arab Today, arab today
Arab Today, arab today

Russian, Ukrainian companies become main owners of Bank of Cyprus

Arab Today, arab today

Arab Today, arab today Russian, Ukrainian companies become main owners of Bank of Cyprus

Nicosia - XINHUA

About 45 Russian and Ukrainian companies will own a considerable chunk of the Bank of Cyprus equity under arrangements made following its recapitalization by using depositors money, a source having inside knowledge told Xinhua on Monday. \"There are 40 to 45 foreign companies, mostly Russian but also some Ukrainian, between them holding about 12 percent of the bank\'s stock,\" said Andreas Neocleous, owner of a big law office which represents companies owing 2.5 percent of equity. Under an unprecedented arrangement forced upon Cyprus in late March by the Eurogroup and the IMF in return for a 10-billion-euro bailout deal, large savers in the Bank of Cyprus lost 47.5 percent of their deposits, which were turned into bank equity. The previous owners of the bank lost their investment as their shares were devalued to nominal value of 1 euro cent each. Since then, the so-called bail-in method has become the official policy of the Eurogroup for saving faltering banks in its 17 member states. Law offices and auditing firms representing new owners of the Bank of Cyprus were invited on Monday to the Central Bank of Cyprus to discuss with its governor, Panicos Demetriades, the composition of the new Bank of Cyprus board of directors to be appointed at a shareholders meeting on Septemper 10. It is not yet known how many members of the new board will be appointed by the foreign owners of the 12 percent share in the bank. However, another large group of shareholders owning 18 percent of the bank\'s stock were reported to be eligible to be represented by four members on the new board. This group is made up of former depositors in the now wound down Cyprus Popular Bank, also known as Laiki, who are represented by the Central Bank of Cyprus in its capacity as Laiki\'s resolution authority. The bank was resolved and merged into Bank of Cyprus, after reaching insolvency following the pumping of 9.2 billion euros in emergency liquidity assistance by the European Central Bank. Neocleous told Xinhua that another considerable chunk which he estimated at about 30 percent of Bank of Cyprus stock is owned by many hundreds of small foreign depositors who are believed to be mostly Russians. \"The share of each of these depositors is too small to be represented on the bank\'s board and may be invited to be represented by proxy,\" Neocleous said. However, shareholding provident funds belonging to employees of large firms, including Bank of Cyprus employees, as well as Laiki Depositors Association, an organization which represents depositors who do not accept their representation by the Central Bank of Cyprus, has said it will stake representation on the new board. Bank of Cyprus exited resolution state only recently but it has not yet assumed a leading role in banking affairs pending the appointment of a new board and management, and also securing liquidity from the European Central Bank.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russian ukrainian companies become main owners of bank of cyprus Arab Today, arab today russian ukrainian companies become main owners of bank of cyprus

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russian ukrainian companies become main owners of bank of cyprus Arab Today, arab today russian ukrainian companies become main owners of bank of cyprus

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday