Key Developments: Cyprus Popular Bank Public Co Ltd (MYPSY.PK)
3.27USD
26 Oct 2011
$0.00 (+0.00%)
$3.27
--
$3.27
$3.27
10,137
0
$3.27
$3.27
Latest Key Developments (Source: Significant Developments)
Cyprus Popular Bank Public Co Ltd Appoints Special Administrator For Consolidation Measures
Cyprus Popular Bank Public Co Ltd announced that the Central Bank of Cyprus, acting as Consolidation Authority pursuant to the Consolidation of Credit and Other Institutions Law 2013, has proceeded with the appointment of Mr. Andry Antoniadou as Special Administrator for the implementation of the consolidation measures in the bank. Based on the Law, all powers, duties and responsibilities of the shareholders, the directors and the managers of the bank are exercised by the Consolidation Authority or the Special Administrator, who acts on the basis on terms and instructions set by the Authority. Full Article
Cyprus Popular Bank Public Co Ltd Announces Resignation Of Chairman, Acting CEO And Board Of Directors
Cyprus Popular Bank Public Co Ltd announced the resignation of Messrs. Andreas Philippou and Takis Phidis from their positions as Chairman of the Board and Acting Chief Executive Officer respectively as well as the resignation of the entire Board of Directors. Full Article
Piraeus Bank SA Completes Acquisition Of Greek Banking Operations Of Bank of Cyprus Public Company Ltd, Cyprus Popular Bank Public Co Ltd And Hellenic Bank Public Company Ltd
Piraeus Bank SA announced that it signed an agreement on March 26, 2013, to acquire all of the Greek deposits, loans and branches of Bank of Cyprus Public Company Ltd, Cyprus Popular Bank Public Co Ltd and Hellenic Bank Public Company Ltd, including loans and deposits of their Greek subsidiaries (leasing, factoring and the Investment Bank of Greece (IBG)), for a total cash consideration of EUR 524,000,000. The agreement follows the proposal submitted in response to the invitation addressed to Greek banks by the Greek Government, the Bank of Greece and the Hellenic Financial Stability Fund (HFSF), with regard to the acquisition of the branch network and operations of the three Cypriot banks in Greece. The transaction ensures the stability of the Greek banking system, provides assistance to Cyprus in relation to the resolution of the crisis and secures depositors, customers and employees of the three Cypriot banks in Greece post recent uncertainty. Following the completion of the transaction, Piraeus Bank Group will have consolidated total assets of EUR 95 billion, 1,660 branches and 24,000 employees. The branches of the three Cypriot banks in Greece will open on March 27, 2013 and all the operations will be run in the normal course of business. Customer deposits with the Greek branches of Bank of Cyprus, Cyprus Popular Bank (CPB) and Hellenic Bank are not subject to any bank levy or haircut that has been agreed in Cyprus. Full Article
Luxembourg Stock Exchange Announces Suspension Of Cyprus Popular Bank Public Co Ltd
Luxembourg Stock Exchange announced that since Cyprus Popular Bank Public Co Ltd has financial difficulties, the Stock Exchange has decided to suspend the listing of securities in heading as of March 26, 2013 until further notice. Full Article
Piraeus Bank SA To Wrap Up Takeover Of Cyprus Popular Bank Public Co Ltd And Other Cypriot Banks In Greece By Noon-Reuters
Reuters reported that Piraeus Bank SA expects to conclude deals to take over the Cypriot banks operating in Greece by noon on Tuesday. On Friday Greece's bank bailout fund picked Piraeus to acquire the Greek operations of troubled Bank Of Cyprus Public Company Ltd, Cyprus Popular Bank Public Co Ltd and possibly Hellenic Bank Public Company Ltd to shield the country's banking system from fallout from the Cyprus crisis. The signing of agreements to acquire the networks of Cypriot banks in Greece is expected to be completed by noon (on Tuesday) at the latest in order to sort out remaining technical details. The bank said it was up to the managements of the three Cypriot lenders whether their branches will open for business before the signing of the agreements. Other terms and conditions were not disclosed. Full Article
Cyprus Popular Bank Public Co Ltd Calls Off Announcement Of Preliminary Results
Cyprus Popular Bank Public Co Ltd announced that the announcement of the preliminary results of the Group for the year 2012 was postponed in view of the forthcoming developments regarding the recapitalization of the banking sector which is directly related with the process of signing the Memorandum of Understanding between the Republic of Cyprus and the international creditors. Full Article
Cyprus Popular Bank Public Co Ltd Issues Earnings Guidance For FY 2012
Cyprus Popular Bank Public Co Ltd announced that the results of the Group for fiscal year 2012, are expected to show a reduced Loss after Tax as compared to the corresponding results of 2011, due to the significantly lower impairment loss of Greek Government Bonds and the slightly lower expected impairment of goodwill and intangibles. It is noted that the Group is expected to record increased provisions for impairment of advances and reduced operating income compared to 2011, as a result of the continued worsening of economic conditions, both in Greece and Cyprus. Full Article
Cyprus Popular Bank Public Co Ltd Announces Voluntary Resignation Plan In Greece; Reduces Branches In Cyprus and Greece
Cyprus Popular Bank Public Co Ltd announced that a Voluntary Resignation Plan has been announced for employees of the Bank in Greece, in the context of the actions necessary under the Restructuring Plan and reorganization of its operations. Bank has proceeded with the reorganization of its branch network, which has resulted in the reduction of its branches in Cyprus and Greece by 23 and 41 respectively, as compared to the previous year. The Bank maintains 93 branches in Cyprus and 131 branches in Greece. Full Article
Cyprus Popular Bank Public Co Ltd Announces Mandatory Conversion of CECS into Shares
Cyprus Popular Bank Public Co Ltd announced that he Mandatory Conversion of 65,439,624 Convertible Enhanced Capital Securities issued in 2011 (CECS) into ordinary shares of the Bank, under the provision of Section 5.3.10 of the Prospectus of CECS dated May 19, 2011. The existence of events which dictate the mandatory conversion as provided in the above mentioned section of the Prospectus, has been confirmed by the Central Bank of Cyprus. The Conversion of CECS into ordinary shares will be based on the issue and allocation of 10 shares of nominal value EUR 0,10 each for 1 CECS of nominal value EUR 1, in accordance with the terms of the Prospectus. It is clarified that the issue price of the ordinary shares has been set at EUR 0,10 per share as provided by section 5.3.10 of the Prospectus of CECS dated, May 19, 2011 as it cannot be lower than the nominal value of the Bank’s share. The last trading day of CECS is December 28, 2012. The number of new shares issued is 654,396,240. After the issue of the new ordinary shares, the issued share capital of the Bank will be EUR 2,202,608,136.20 divided into 22,026,081,362 shares of nominal value EUR 0,10 each. The authorized capital of the Bank is EUR 2,800,000,000 divided into 28,000,000,000 shares of nominal value of EUR 0,10 each. Full Article
Cyprus Popular Bank Public Co Ltd Announces Chief Executive Officer Resignation
Cyprus Popular Bank Public Co Ltd announced that Mr. Christos Stylianides has ceased to execute the duties of the Chief Executive Officer / Managing Director of the Bank from December 21, 2012 and has left the employment of the Bank. Cyprus Popular Bank Public Co Ltd also announced that Mr. Takis Phidia will continue to execute the duties of the Acting Chief Executive Officer and Chairman of the Executive Committee of the Bank. Full Article
Fitch Downgrades BOC and CPB's Cypriot Covered Bonds to 'B'/RWN
(The following statement was released by the rating agency) LONDON, March 28 (Fitch) Fitch Ratings has downgraded Bank of Cyprus (BOC) and Cyprus Popular Bank's (CPB) mortgage covered bonds as follows: BOC's covered bonds (Cypriot cover pool), EUR1bn: downgraded to 'B' from 'B+'; maintained on Rating Watch Negative (RWN) CPB's covered bonds (Programme II), EUR1.15bn: downgraded to 'B' from 'B+'; maintained on RWN The bonds are secured by Cypriot residential mortgage assets (the Cypriot cover
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
