The Cyprus Cooperative Bank reported that, as part of its strategic development program, it is searching for investors to buy out the whole institution or its part. According to The Washington Post, Citigroup Global Markets is selecting an investor.
The deadline for submission of preliminary applications is 29 March 2018.
Co-operative Bank, as you know, is almost entirely owned by the Government of Cyprus and is a leader in the Cyprus market in terms of deposits placed in its accounts. At the same time, the share of non-serviced debt from total loans exceeds 58%.
According to the Minister of Finance of Cyprus Haris Georgiadis, attracting external investors will help restore confidence in the bank.