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Cyprus News Agency: News in English, 07-01-14

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] COMMISSION - MARFIN
  • [02] FM - LEDRA STR

  • [01] COMMISSION - MARFIN

    The Cyprus Securities and Exchange Commission has asked Marfin Popular Bank Ltd to submit by Wednesday January 17th, written details regarding its takeover bid for Greeces Piraeus Bank and Bank of Cyprus.

    After a long meeting, the Cyprus Securities and Exchange Commission issued a press release saying that the move by Marfin Popular Bank Ltd to submit public offers for the acquisition of Bank of Cyprus and Piraeus Bank constitutes a potential violation of regulation 21 of the Cyprus Stock Exchange regulations(mergers and acquisition).

    On Friday, Marfin launched its bid for Piraeus and Bank of Cyprus. The Bank followed a tender launched a day earlier by Piraeus Bank, Greece`s fourth largest lender, to take over Marfin Popular Bank.

    The Cyprus Securities and Exchange Commission also said that based on CSE regulations, there is a public offer by the Piraeus Bank for the acquisition of Marfin Popular Bank Ltd.

    Therefore, the Commission has decided to call on Marfin Popular Bank and its board of directors to present a written explanation by Wednesday, January 17th, it said.

    MPB emerged after Novembers merger between Cyprus Laiki Bank and Greek Marfin Financial Services and Egnatia Bank, creating a new financial organization, the biggest financial organization in Cyprus and the second largest in Greece.

    Late on Thursday Piraeus launched a tender to buy 40 to 100 percent of Marfin Popular Bank, but MPB said Piraeus Bank`s move was made to obstruct its bid.

    Under the Greek legislation, a company launching a public offer can not at the same time be a buy out target.

    It must now be determined, who bid for who first, before any of the deals are allowed to go ahead.

    Bank of Cyprus, the island`s largest lender, is owned by 10 percent by Greek Piraeus Bank.

    [02] FM - LEDRA STR

    Cypriot Foreign Minister George Lillikas has said that the Turkish Cypriot side has to demonstrate the necessary good will that would lead to the lifting of those obstacles, concerning security matters, that do not allow the opening of the Ledra Street crossing point.

    We are in constant contact with the United Nations. We have asked the UN to call on both sides to proceed to a dialogue through which we will be able to lift all obstacles that exist now, in order to open the crossing point, he said.

    Asked whether Cyprus security issue concerns regarding the opening of the crossing point have been understood and accepted, Lillikas referred to the statements made by UN Secretary Generals Special Representative to Cyprus, Michael Moller, who stressed that the security problems that emerge, must be discussed.

    He further noted that before the crossing point opens, secure conditions for the smooth and safe free movement of all citizens should be created.

    The government of Cyprus has submitted to the UN in writing the preconditions to open the Ledra Street crossing point, which include the withdrawal of the troops from the region, the unmanning of the area, the restoration of adjacent buildings and the demining.


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