Cyprus Popular Bank (from 2006 to 2011 known as Marfin Popular Bank (MPB)) was the second-largest banking group in Cyprus behind the Bank of Cyprus until it was 'shuttered' in March 2013 and split into two parts. The 'good' Cypriot part was merged into the Bank of Cyprus (including insured deposits under 100,000 Euro) and the 'bad' part or legacy entity holds all the overseas operations as well as uninsured deposits above 100,000 Euro, old shares and bonds. The uninsured depositors were subject to a bail-in and became the new shareholders of the legacy entity. As at May 2017, the legacy entity is one of the largest shareholders of Bank of Cyprus with 4.8% but does not hold a board seat. All the overseas operations, of the now defunct Cyprus Popular Bank, are also held by the legacy entity, until they are sold by the Special Administrator, at first Ms Andri Antoniadou, who ran the legacy entity for two years, from March 2013 until 3 March 2015. She tendered her resignation due to disagreements, with the Governor of the Central Bank of Cyprus and the Central Bank Board members, who amended the lawyers of the legacy entity, without consulting her. Veteran banker Chris Pavlou who is an expert in Treasury and risk management took over as Special Administrator of the legacy entity in April 2015 until December 2016. The legacy entity is pursuing legal action against former major shareholder Marfin Investment Group .
7-754: Its shares were listed on the Cyprus Stock Exchange and the Athens Stock Exchange . CPB had a network of more than 295 branches in Cyprus, Russia, Ukraine, Romania, Serbia , the UK and Malta. The bank had applied to open a representative office in Beijing , People's Republic of China . Trading on the island as Laiki Bank (Laiki being the Greek word for Popular), as of September 2012 it held
14-463: A 16% share of the market in loans and a 14.4% share of deposits. The Bank made a series of large loans, many to Greek companies prior to and during their financial crisis. What followed has been described as "billions handed out in bad loans created a financial time-bomb". After the bank collapsed, it was rescued by the Cypriot government, which took 84% ownership on 30 June 2012 and as of March 2013 it
21-475: Is being dismantled as part of the 2012–2013 Cypriot financial crisis . In 1901, four leading citizens of Limassol —Agathoclis Francoudis, Ioannis Kyriakides, Christodoulos Sozos and Neoklis Ioannides—established the Popular Savings Bank of Limassol to encourage saving among the workforce. More than two decades later, in 1924, the bank changed its name from the Popular Savings Bank of Limassol to
28-683: The Emerging Companies Market (ECM) and for public companies to list their shares on the ECM. In both cases (listing of shares or bonds) the exchange will also provide the ISIN code and have the prices beamed through Bloomberg and Reuters terminals as both are official financial data vendors . CySEC is responsible for the supervision and control of all CSE operations, the transactions carried out, its listed companies, brokers and brokerage firms. This Cyprus -related article
35-579: The Popular Bank of Limassol. The bank also became the first company in Cyprus to register as a public-traded company. Then in 1967, the Popular Bank of Limassol changed its name to Cyprus Popular Bank (CPB) to reflect the bank’s expansion beyond Limassol. Expansion beyond Limassol followed quickly, with the establishment of its first branches in Nicosia , Famagusta (1969), and Paphos and Larnaca (1970). Also in 1970, Midland Bank acquired 22% of
42-568: The company's shares, making Midland a major shareholder in CPB. The next year CPB relocated its headquarters from Limassol to Nicosia. Cyprus Stock Exchange The Cyprus Stock Exchange or CSE ( Greek : Χρηματιστήριο Αξιών Κύπρου or ΧΑΚ) , is a European stock exchange located in Cyprus . CSE was established under the Cyprus Securities and Stock Exchange Law which provides for
49-678: The development of the securities market in Cyprus and for the establishment and operation of the Cyprus Stock Exchange. It was passed by the House of Representatives in April 1993. Operations began on March 29 1996. In 2006, it launched a common platform with the Athens Stock Exchange . The exchange is a member of the Federation of Euro-Asian Stock Exchanges . The exchange allows private or public companies to list their bonds on
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