Merge of Cooperative Institutions
|Published on: 25 August 2013|
A list of 18 companies that will be created by merging the existing 93 Cooperative Banks
A list of 18 companies that will be created by merging the existing 93 Cooperative Banks released by the Central Cooperative Bank, after the meeting of Representatives of all credit cooperatives and members of the Central Bank and Troika.
According to the announcement of the Central Cooperative Bank, particular emphasis was given to start with the immediate implementation of the provisions of the Plan concerning mergers of 93 companies and the creation of 18 new companies.
General Director of the Central Co-operative Bank (CCB) Erotokritos Chlorakiotis expressed certainty that the Cooperative Movement will be able to, either gradually or in a one-off payment, regain its shares that will be given back to its members.
The Cyprus government would spend around €1.5 billion of the €10 billion international bailout to buy shares in the co-operative movement so the latter could meet its recapitalisation needs.
The co-ops will receive the money after the disbursement of the second tranche of the Cypriot bailout programme, pending approval of the Eurogroup in September.
The move will make the state the exclusive owner of the co-operatives, acquiring 99 per cent of its shares.
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