Since 1970
Call us: +357 (24) 822 870 // www.palourtis.com

Newsletter

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 8 November 2019 Small rise in property sales

    October saw a marginal rise in Cyprus property sales compared to the... read more

  • 31 October 2019 Express Evictions For Bad Payers

    Parliament's plenary session on November 22 will put forward a bill tabled by... read more

  • 9 October 2019 Landmark Agreement between Cyprus and the United Kingdom

    FULL details of the landmark agreement between Cyprus and the United Kingdom... read more

  • 3 October 2019 Breaking News Potential Change to Definition of Russian Tax Residency for Individuals

    Individuals spending 90 days a year in Russia, or having their centre of... read more

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 8 November 2019 Small rise in property sales

    October saw a marginal rise in Cyprus property sales compared to the... read more

  • 31 October 2019 Express Evictions For Bad Payers

    Parliament's plenary session on November 22 will put forward a bill tabled by... read more

  • 9 October 2019 Landmark Agreement between Cyprus and the United Kingdom

    FULL details of the landmark agreement between Cyprus and the United Kingdom... read more

  • 3 October 2019 Breaking News Potential Change to Definition of Russian Tax Residency for Individuals

    Individuals spending 90 days a year in Russia, or having their centre of... read more

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

Hellenic Bank Step towards the conclusion of the agreement

   

The decision of the House of Representatives yesterday is still a decisive step in the completion of the agreement between Hellenic Bank and the Cyprus Co-operative Bank (CSF). The House's decision thus puts an end to the insecurity of recent months and marks the beginning of a new era for the depositors and borrowers of the CSD, and at the same time sets a solid foundation for a complete stabilization of the banking system.
 
With the completion of the Agreement, both Hellenic Bank and SKT customers will be part of a larger, healthier, and dynamic organization that will offer them a wide range of qualitatively improved banking services. As far as the SKT customers are concerned, there is currently no change in their banking transactions. For any changes that may occur in the future, Hellenic Bank will inform them in time. 
 
With the conclusion of the Agreement, the balance sheet of Hellenic Bank will be significantly strengthened, while the large reduction in the rate of non-performing loans and other synergies resulting from the Agreement will lead to a reduction in the balance sheet risk and, consequently, to a safe and a robust banking entity. 


By way of example, Hellenic Bank's market share in serviced loans will triple from 7% to 22% while the share of deposits will increase from 12% to more than 30%. Also, the Non-performing Loans (SIC) indicator will be reduced from 52% to about 25%, while the coverage ratio of SICs with forecasts will remain at a high level of 60%. In addition, after the agreement is completed, the Bank will continue to maintain its strong liquidity position, with the net lending to deposit ratio expected to be less than 50%, allowing it to further support its clients' financing needs but also providing the necessary security for depositors.   
 
Thus, Hellenic Bank maintains its reputation as one of the safest banks in Cyprus , which did not need to be recapitalised either by bail in or by bail out With the completion of the Agreement, Hellenic Bank will become even stronger and become the leading retail bank in Cyprus.

 
In 42 years of Hellenic Bank's history, the security and support of depositors and customers has been and remains a basic principle. With the completion of the Agreement, we are further strengthening Hellenic Bank's foundations and the relationship of trust with our existing customers as well as the customers that will come from the SKT. 
 
It is noted that the Agreement is subject to the approval of the Hellenic Bank's shareholders for the required capital increase, the approvals of the competent supervisory authorities and a number of conditions.

http://www.philenews.com/oikonomia/kypros/article/551800/elliniki-bima-pros-tin-oloklirosi-tis-symfonias