Changes are expected in Cyprus’ banking sector, as buy outs, consolidations, and alliances are coming to the forefront of the business agenda, SigmaLive Greek was told by sources about new foreign investors.
Changes are expected at Piraeus Bank while Eurobank Cyprus and The National Bank of Greece in Cyprus are also in discussion about consolidating their businesses, the same sources said. There is also investor interest in the Cyprus Development Bank.
Alpha Bank Cyprus, the same sources said, is set to keep its position in Cyprus, but is running reorganisation processes in its ranks.
Piraeus Bank, the sources said, is about to be bought out by foreign investors. The same sources added that process and negotiations are already underway with both sides playing strong hands to come to an agreement on the new shape the bank will take.
Sources from the within the National Bank of Greece have also mentioned to SigmaLive Greek that although reports of Lebanese investors interested in the Cypriot branch had come to light, there is a Lebanese businessperson looking to involving his or her self in Cyprus.
Dynamic process
The same sources have said that the process is still ongoing and dynamic, with both sides still looking for an agreement, as the details are judging the outcome that is expected.
Among the people that have potential, other sources said, is Lebanese businessman Maurice Sehnaoui, who as is already know, is the President of the Board of Directors at USB Bank, and is looking for the same position at the new Piraeus Bank.
Barclay’s CEO Bob Diamond has been taken out of the picture, with this latest development, after he had been on the shortlist of candidates for Piraeus Bank.
The plans to sell off sister departments of Piraeus Bank, the same sources said, has been a part of the Restructuring Plan of the company, which had been approved by the European Commission and the Stability Crediting Fund last December. This plan involved a liberation from the ties with Greece.
The parameters that have been outlined by the bank are completely in line with the medium-term strategic and crediting goals of the banks.
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