Bank of Cyprus CEO John Hourican made no apologies for foreclosures stressing that the bank will focus on uncooperative borrowers and will not foreclose on vulnerable groups that deserve the bank's protection.
In April this year John Hourican, the CEO of the Bank of Cyprus, resigned his position for personal reasons; however the Bank's broad of directors have decided to extend his contract for two more years.
The Bank of Cyprus has finalised the sale of its share in the Aphrodite Hills Limited at Kouklia, in which it acquired a 75 per cent shareholding in 2014 as part of its management of large exposures.
A man whose home loan repayments shot up from €350/month to €900/month handed the keys of his home to the Bank of Cyprus today accusing the bank of abusing the terms of his loan agreement.
Consumers who received a loan in a foreign currency from a bank are protected from exchange rate fluctuations by a ruling of the European Court of Justice according to lawyer Pavlos Angelides.
Loans given to former board members of the Bank of Cyprus and the now defunct Cyprus Popular Bank and other large loans are being investigated as part of the probe into the near collapse of the economy.
The Bank of Cyprus will launch a website in the next couple of weeks where all the property it owns and wishes to sell will be advertised with a minimum price according to reports.
The publication of an internal report by the Corporate Banking Division of the Bank of Cyprus dated 14th June 2013 listing details of the bank's largest debtors has infuriated the bank.
The troika has returned to Cyprus for its fourth review of the island's economic adjustment programme and has spoken with the Federation of Building Contractors about the critical issues affecting the construction sector.
In an exclusive interview with Reuters, Bank of Cyprus CEO John Hourican said that the bank is reviewing its restructuring plans that could result in a "bad bank" for its troubled assets.
A committee of inquiry has heard how unsecured loans were granted to some big names in the property development sector following pressure from high ranking executives in the Bank of Cyprus.
The Bank of Cyprus is on a frontal attack with the big property developers, as its separation into a commercial and real estate bank aims to secure billions that were injected to the real estate sector.
One of the options being considered for the future of the Bank of Cyprus is the establishment of an asset management company to take over problematic real estate loans and undertake their sale or rent to repay loans.
Confidential data from the Central Bank reveals that the Bank of Cyprus and the Cyprus Popular advanced credit facilities of more than one billion euros to their board members in 2011.
A victim of the Bank of Cyprus haircut, a Chinese investor who transferred 15 million Euro to Cyprus has sued the state according to a report in the current edition of the Cyprus Weekly.
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.
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.
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.
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.
The Marfin Popular Bank and the Bank of Cyprus will be part of an EU-wide stress testing exercise to be undertaken by the CEBS (Committee of European Banking Supervisors) before the end of the month.
