Bank of Cyprus

NBG Pangaea buys CYREIT Variable Investment Company

NBG Pangaea Real Estate Investment Company of Greece announced the completion of its agreement last week with Bank of Cyprus Public Company Limited for the acquisition of a portfolio of properties in Cyprus, through the purchase of 100 percent of the management shares and 88.2 percent of the investment shares of Cypriot CYREIT Variable Investment Company PLC.

Cyprus suffers blow from massive bank withdrawals by Russian depositors

The economy of Cyprus has suffered a serious blow from the flight of Russian capital from the island.
The Russian oligarchs who appear to be a pillar of Cyprus' banking system apparently want to stash away their wealth in other countries as the battle to combat money laundering heats up in the EU.

Motor Oil subsidiary buys out Investment Bank of Greece

Athens-listed group Motor Oil announced yesterday the acquisition of a 97.08 percent of the Investment Bank of Greece (IBG) for 73.5 million euros. The deal was signed on Tuesday.

The buyout of the lender is made through Motor Oil's 100 percent subsidiary Ireon Investments Ltd that is based in Cyprus.

Bank of Cyprus plans voluntary layoffs in 2019

Voluntary layoffs are reportedly expected next year with most credit institutions effecting a reduction in their employee numbers. The first large voluntary exit program, according to Kathimerini, is expected to be implemented by Bank of Cyprus, although guidelines and provisions for the layoffs have not been finalized yet.

Former HSBC banker to take Hellenic Bank chair

A former HSBC banker has been appointed to the board of Hellenic Bank, one of Cyprus's biggest lenders, with a view to becoming chairman of the bank.

In a statement filed to the Cyprus Stock Exchange on Tuesday, Hellenic Bank said that Youssef Nasr, a Lebanese American, was nominated as a board member at its meeting on Monday.

Hourican to remain BoC CEO till end-2018

Bank of Cyprus said John Hourican will remain as its chief executive until the end of 2018, once again extending his stay.

Hourican, the former head of investment banking at Royal Bank of Scotland, had been due to leave Bank of Cyprus in February 2018 but said its board agreed on Tuesday to extend his appointment.