Representatives of institutions interested in the capital and assets of the Cooperative Central Bank of Cyprus will start arriving at the island next Monday.
According to information Phileleftheros has, the CCB administrators will make presentations whose length will depend on the overall investor participation. According to the most positive predictions the 7-8 first potential investors will come to Cyprus for the presentations and will afterwards express their interest in action by registering their binding offers for either the first or second option: the first option involves the participation to the bank’s capital, where the investor will acquire some or all of the share capital. The second option involves the acquisition of assets from the non-performing loan (NPL) portfolio.
The process will have to be completed within a strict time frame and the binding offers should be registered by the end of April so that the issue of the bank privatisation can be over. The selection of the investor or investors will be made by the major shareholder.
The Cooperative Banks of Cyprus have received a total of €4,2 billion from the state. Before that, there was a recapitalisation of €1,5 billion in 2013 and another of €170 million in 2015.