Meetings between investors and CCB administrators begin today, Monday.
Extra information collected will determine the next steps to be taken: whether the potential investors will continue and what they will offer if they see a prospect, how much capital would be needed to be spent for the ‘good part’ of the bank, whether staff withdrawals are to be counted towards the price. Interest via binding offers is expected to be expressed on the last day of April.
Even with a view to acquire only the ‘good part’ of the bank new funds will be needed. This is something that potential investors will take into account in conjunction with the Cypriot regulatory environment and the legislation which includes loopholes for ‘bad payers’. If an investor is found, it is almost certain that there will be staff redundancies. This will probably influence the overall price and the conditions set by the investor.