Sunday, 07 June 2020


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The Bank of Cyprus will be divided into two entities

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The Government of Cyprus in the course of its negotiations with creditors of the Troika (European Commission, European Central Bank and International Monetary Fund), in beginning reached an agreement on the division of the Bank of Cyprus in one commercial and other real estate. The first bank will operate as a conventional financial institution, and the second will receive twenty-two development projects as well as the debts of companies that are unable to repay their loans, according to the Cypriot media. The acting director of the Bank said yesterday that the reorganization of the Bank of Cyprus should be completed before 30 September. The meeting was held in the Central Bank and is part of the first assessment of the adjustment program Cypriot team is doing the troika since last Wednesday. The two sides also discussed the reforms that the bank makes, including early retirement plan for 5,600 bank employees. According to the president of the bank, Sofoklis Mijailidis, about 2,500 employees have to leave the bank, but early retirement applications to date are very slim. [caption id="" align="alignnone" width="510"]Bank of Cyprus Bank of Cyprus - Image EPA[/caption] Read more:
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