25/08/2015 12:03
Time is running against Laiki Bank’s subsidiaries abroad, as central banks begin to push towards their sale.
Nearly thirty months after the bail-in of its depositors, Laiki continues to be under administration in order to maximize the benefit for its creditors.
However time is pushing the new administrator as by the beginning of 2016 it seems that the network in Russia, Romania, Ukraine, Serbia and Malta will have to be sold.
Relevant information will be given in late August to interested investors who will know, that the administrator must sell the networks within the next six months.
Central banks of the countries want the subsidiaries to be acquired by credit institutions and not funds, which was partly the case with Bank of Cyprus and the Hellenic Bank.
The administrator of Laiki Bank Chris Pavlou, in his statements to Phileleftheros newspaper, said that assets that exist abroad should be sold by February 2016, and he added that central bankers of countries were subsidiaries are present push for this matter.
This remains after the bail-in of March 2013 when uninsured depositors of Laiki Bank lost around € 4 bn.
Part of the net assets of Laiki were used to recapitalize the Bank of Cyprus against the participation of Laiki by 18% which today after the capital increase has been reduced to 9.6%. Despite the significant share in BOCY, Laiki’s depositors are not represented in the Bank's board.
Mr. Pavlou said that by the end of August the discussion with investors interested in buying assets of former Laiki in foreign markets, will begin.
He noted that there is interest from banks operating in those countries or even outside these markets.
He stressed that the interest shown by funds meets the refusal of central bankers. According to Mr. Pavlou, central bankers do not want subsidiaries to be owned by funds but by credit institutions.
The consultant appointed recently, Investment Bank of Greece, has a special participation in the preparation of the plan for the sale of the assets of former Laiki.
The assets of former Laiki have not been announced by the Consolidation Authority which is the Central Bank and the management of data is made in secrecy and non-transparency which have caused many reactions from former depositors who seek that part of their assets is transferred to them.
Nearly thirty months after the bail-in of its depositors, Laiki continues to be under administration in order to maximize the benefit for its creditors.
However time is pushing the new administrator as by the beginning of 2016 it seems that the network in Russia, Romania, Ukraine, Serbia and Malta will have to be sold.
Relevant information will be given in late August to interested investors who will know, that the administrator must sell the networks within the next six months.
Central banks of the countries want the subsidiaries to be acquired by credit institutions and not funds, which was partly the case with Bank of Cyprus and the Hellenic Bank.
The administrator of Laiki Bank Chris Pavlou, in his statements to Phileleftheros newspaper, said that assets that exist abroad should be sold by February 2016, and he added that central bankers of countries were subsidiaries are present push for this matter.
This remains after the bail-in of March 2013 when uninsured depositors of Laiki Bank lost around € 4 bn.
Part of the net assets of Laiki were used to recapitalize the Bank of Cyprus against the participation of Laiki by 18% which today after the capital increase has been reduced to 9.6%. Despite the significant share in BOCY, Laiki’s depositors are not represented in the Bank's board.
Mr. Pavlou said that by the end of August the discussion with investors interested in buying assets of former Laiki in foreign markets, will begin.
He noted that there is interest from banks operating in those countries or even outside these markets.
He stressed that the interest shown by funds meets the refusal of central bankers. According to Mr. Pavlou, central bankers do not want subsidiaries to be owned by funds but by credit institutions.
The consultant appointed recently, Investment Bank of Greece, has a special participation in the preparation of the plan for the sale of the assets of former Laiki.
The assets of former Laiki have not been announced by the Consolidation Authority which is the Central Bank and the management of data is made in secrecy and non-transparency which have caused many reactions from former depositors who seek that part of their assets is transferred to them.
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