As Clock Ticks for Troubled Bank, Cyprus Hopes in U.S. Funds [Bloomberg Business News]
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Source: Bloomberg Business News
A plan to carve out and sell the performing assets of Cyprus Cooperative Bank Ltd is attracting interest from U.S. investment funds, said Nicholas Hadjiyiannis, Chief Executive Officer of the troubled Nicosia-based lender. Burdened by 6.2 billion euros ($7.6 billion) of non-performing exposures --equal to about one third of the country’s total economic output-- Cyprus Coop is struggling to stay afloat amid a capital shortfall and continuing deposit withdrawals. Last month, it launched a tender to find an investor either to buy all of the lender through a capital raise or to acquire the performing part of the bank. Nicholas Hadjiyiannis Photographer: Misha Friedman/Bloomberg “Three U.S. funds are among investors who have shown interest in acquiring the good part of Cyprus Coop,” Hadjiyiannis said in an interview April 18 in Nicosia. While he declined to name the funds for confidentiality reasons, Cypriot media have reported interest from Lone Star Funds ,
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