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All reports tagged with: "bank of Cyprus"

Bailout deal for Cyprus agreed in Brussels

Cyprus has avoided bankruptcy by securing a last-minute €10 billion EU bailout deal in Brussels following hours of tense negotiations; but the island will have its second largest bank closed with losses expected for big depositors.

Fitch downgrades Cypriot covered bonds

Following yesterday’s storming of the Bank of Cyprus by angry investors who claim they were mis-sold high-yield bonds, Fitch Ratings has downgraded the covered bonds of the Bank of Cyprus and the Cyprus Popular Bank.

Construction industry loans under microscope

Loans given to the construction industry by the Bank of Cyprus and the Cyprus Popular Bank will be discussed today at a meeting between the banks’ management and representatives from Pimco.

Fitch downgrades Cypriot covered bonds

Following its downgrade of three of the island’s banks last Friday, ratings agency Fitch has today downgraded the Bank of Cyprus and the Cyprus Popular Bank’s covered bond ratings.

Fitch piles more junk on the banks

Following Fitch Ratings downgrade of Cyprus sovereign credit rating on Wednesday, it has pushed the islands top three banks further into junk territory and believes that the failure of the Bank of Cyprus and the Cyprus Popular Bank “is imminent”.

Banker quits citing ‘serious health reasons’

Theodoros Aristodemou, the founder and MD of Aristo Developers Limited, has resigned his position as the chairman of the Bank of Cyprus citing ‘serious health issues’ as his reason.

Investigators to report criminal liability

The firm appointed by the Cyprus Central Bank to investigate why the Bank of Cyprus and the Cyprus Popular Bank had to seek state support will also look into possible criminal offences.

Bank of Cyprus investigated by CYSEC

CYSEC has started a probe into whether the Bank of Cyprus’ management withheld information from shareholders at their recent meeting with the aim of misleading them and is also looking into issues of possible stock market manipulation.

Popular bank receives state bailout

Cyprus, which applied for an EU bailout last week, acquired €1.79 billion worth of shares in the island’s second-largest lender, in a previously announced move to help it meet minimum capital levels depleted by heavy exposure to debt-crippled Greece.

Fitch downgrades Island’s top three banks

Following Fitch Rating’s downgrading of the Island’s credit rating to junk on Monday, Fitch downgraded the Island’s top three banks – the Bank of Cyprus, the Cyprus Popular Bank and the Hellenic Bank earlier today.

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