08/01/2008 09:04
In his statements to StockWatch, ETYK Chairman, Loizos Hadjicostis stressed the need to modernize the managements of the Cypriot banks. According to Mr. Hadjicostis, the managements knew how to act in the protected environment of the Cypriot economy but the new globalized environment and the strong competition need persons that will be able to deal with the potential buyers.
Mr. Hadjicostis believes that the Cypriot banks seek to become peripheral via their expansion to the Balkans but warned that the autonomous organic growth is not enough to avert their acquisition. ETYK Chairman expects that 2008 will be a year of new reclassifications in the banking system.
Mr. Hadjicostis also clarified that ETYK will always be strong. As for the renewal of the union contracts, he made clear that the claims will be proportional to the state’s abilities. “The pay rises of 0.6% granted in the past were simply a movement of good will in the bank’s effort to recover from the stock market “bubble”, he said.
Mr. Hadjicostis also referred to ETYK’s participation in the Boards of Directors of Marfin Popular Bank and Bank of Cyprus and expressed the hope that the smaller banks will adopt the same tactic.
ETYK Chairman finally referred to the queues in the banks due to the switch to the euro, stressing that it is partly attributable to the failure to inform the public properly. Mr. Hadjicostis complained for the fact that all banks – except for Alpha Bank – did not give a bonus to their staff for their hard work in view of the adoption of the new currency.
Mr. Hadjicostis believes that the Cypriot banks seek to become peripheral via their expansion to the Balkans but warned that the autonomous organic growth is not enough to avert their acquisition. ETYK Chairman expects that 2008 will be a year of new reclassifications in the banking system.
Mr. Hadjicostis also clarified that ETYK will always be strong. As for the renewal of the union contracts, he made clear that the claims will be proportional to the state’s abilities. “The pay rises of 0.6% granted in the past were simply a movement of good will in the bank’s effort to recover from the stock market “bubble”, he said.
Mr. Hadjicostis also referred to ETYK’s participation in the Boards of Directors of Marfin Popular Bank and Bank of Cyprus and expressed the hope that the smaller banks will adopt the same tactic.
ETYK Chairman finally referred to the queues in the banks due to the switch to the euro, stressing that it is partly attributable to the failure to inform the public properly. Mr. Hadjicostis complained for the fact that all banks – except for Alpha Bank – did not give a bonus to their staff for their hard work in view of the adoption of the new currency.
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