Financial services

NICOSIA – Cyprus’s Hellenic Bank has raised 201 million euros in new capital, covering the adverse scenario capitalization shortfall of Europe-wide stress tests in October.

The bank said its three major shareholders – Wargaming, Third Point Hellenic Recovery Fund and Demetra Investments – fully supported the rights issue.

The Bulgarian government and trade unions agreed that there will not be an increase of the retirement age in 2015, while a long-term solution to the components of the pension reform should be reached until March 31 next year.

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Alpha Bank on Friday confirmed it has reached an agreement for the sale of its Cypriot subsidiary Alpha Insurance.

The cost of the sale amounts to 14.5 billion euros, with the transaction pending the necessary regulatory approvals.

It is expected to be completed in the first quarter of 2015.

The Supervisory Board of the state-owned Bulgarian Development Bank (BDB) has conducted a top-level reshuffle.

Angel Gekov and Iliya Kirchev will replace the outgoing Chairman of the Management Board and Chief Executive Officer Dimo Spasov and the member of the Management Board and Executive Director Ivan Hristov.

Bilian Balev remains part of the governing body of the BDB.

Commercial Bank Victoria EAD is opening on Friday, December 12, following nearly half a year of conservatorship.

All sums, and not only those of up to BGN 196 000 (as the case was with Corporate Commercial Bank) will be available for withdrawal.

BELGRADE - The Executive Board of the National Bank of Serbia (NBS) decided on Thursday to reduce the rate of mandatory bank foreign exchange reserves from 28 to 27 percent for funding sources with the maturity date of up to two years, and to cut the rate from 21 to 20 percent for bank funding sources with the maturity date of over two years.

Commercial Bank Victoria EAD is due to renew transactions and services for customers as of December 12, 2014, Bulgaria's central bank has said.

Victoria, formerly Credit Agricole Bulgaria and a subsidiary of Corporate Commercial Bank (Corpbank or KTB) has been under conservatorship since June, just days after a similar move at KTB following a deposits run.

Tzvetan Vasilev, Chairman of the Supervisory Board and majority shareholder in Corporate Commercial Bank AD, has argued that the bank has fallen victim to a disgraceful smear campaign organized by the political and economic circles around liberal party Movement for Rights and Freedoms (DPS).

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The European Central bank has warned against proposed amendments to the Deposit Insurance Act, saying they could constitute an infringement on the national bank's independence.

In a statement the Bulgarian National Bank (BNB), Bulgaria's central regulator, cites the letter from ECB signed by the European institution's head Mario Draghi.

Hundreds of small and medium-sized companies stand to get a much-needed cash injection through a loan refinancing program on offer at Eurobank and Piraeus Bank worth 200 million euros with an interest rate considerably lower than what is currently available.