Funds boost investment in Cyprus banks
Investing in Cypriot banks is becoming increasingly common.
The progress they have made in terms of the nonperforming loan burden they have shed, their capital adequacy, which is characterized as good, the profits expected as interest rates rise, and the cost cuts they have implemented have transformed them into an appealing investment target.
Senvest Management increased its holdings in the Bank of Cyprus (BoC) to a healthy 8.06% on Monday.
The Canadian investment fund that sold its 3.2% stake in Hellenic Bank to Eurobank is seen investing more heavily in Bank of Cyprus stock only 10 days later.
Its stake grew from 7.11% to 8.06%, making the fund the third largest shareholder in the bank and very close to CarVal Investors, the second largest shareholder, which has 9.07%.
Senvest was also one of the buyers of a 300-million-euro BoC secondary...
- Log in to post comments