Paphos People

Government rushes to pass bill to prevent takeover of systemic bank
The government is faced with a race against time to ensure it has the legal power to prevent the possible takeover of the Bank of Cyprus Holdings (BoCH) by the US private equity firm Lone Star which it views as “a serious threat”.

“This is a private equity firm that wants to buy a systemic bank, with a wealth of assets, on the cheap, for a quick return, and this could pose a serious threat to the economy,” a top official at the finance ministry told the Cyprus Mail. BoCH has a whopping 45 per cent share of the Cyprus banking market.

Although three buy-out proposals were unequivocally rejected by the board of BoCH in the previous three months, Lone Star have until the end of September to make more offers, a possibility that cannot be ruled out.

Read full story here:- https://cyprus-mail.com/2022/08/28/bank-of-cyprus-at-mercy-of-private-equity-firm/

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”