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Independent Due Diligence of the Banking System of Cyprus
PIMCO Europe Ltd 11 Baker Street London W1U 3AH England Tel: +44 20 3640 1000 Independent Due Diligence of the Banking System of Cyprus March 2013 Legal Disclaimer and Limiting Conditions This report sets forth information contemplated by the engagement of PIMCO Europe Ltd (together with its affiliates, “PIMCO”) by the Steering Committee (as defined herein) and is prepared in the form contemplated by the agreement between PIMCO Europe Ltd and the Central Bank of Cyprus (the “Agreement”). This report is intended to be read and used as a whole and not in parts. Separation or alteration of any section or page from the main body of this report is expressly forbidden. This report has been prepared exclusively for the Steering Committee. There are no third party beneficiaries with respect to this report, and PIMCO expressly disclaims any liability whatsoever (whether in contract, tort or otherwise) to any third party. PIMCO makes no representation or warranty (express or implied) to any third party in relation to this report. A decision by the Steering Committee to release this report to the public shall not constitute any permission, waiver or consent from PIMCO for any third party to rely on this report. Access to this report and its use by any third party implies acceptance by the third party of the terms and conditions contained in this section and other parts of this report. This report is, in all cases, subject to the limitations and other terms and conditions set forth herein and in the Agreement, in particular exclusions of liability. This report has been produced by using and in reliance on information furnished by third parties, including the Central Bank of Cyprus and the Participating Institutions to which this report relates. -
Reconstructing a Reunited Cyprus
Report-The day after-2 ENG:Layout 1 1/21/09 2:33 PM Page I The day after II Reconstructing a reunited Cyprus By PRAXOULA ANTONIADOU KYRIACOU ÖZLEM OĞUZ FIONA MULLEN PCC Paper 1/2009 Report-The day after-2 ENG:Layout 1 1/21/09 2:33 PM Page II Institutt for fredforskning International Peace Research Institute, Oslo (PRIO) Hausmanns gate 7, NO-0186 OSLO, Norway Tel. +47 22 54 77 00 Fax +47 22 54 77 01 Email: [email protected] Web: www.prio.no PRIO encourages its researchers and research affiliates to publish their work in peer-reviewed journals and book series, as well as in PRIOʼs own Report, Paper and Policy Brief series. In editing these series, we undertake a basic quality control, but PRIO does not as such have any view on political issues. We encourage our researchers actively to take part in public debates and give them full freedom of opinion. The responsibility and honour for the hypotheses, theories, findings and views expressed in our publications thus rests with the authors themselves. Disclaimer As a piece of independent research, the opinions and terminology contained in this report do not necessarily reflect the views of the British High Commission, which funded the research. Views and opinions expressed in this report are those of the authors and not of any companies or organizations with which they may have professional connections. © International Peace Research Institute, Oslo (PRIO), 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or utilized in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without permission in writing from the copyright holder(s). -
CAYMAN ISLANDS) LIMITED (Incorporated with Limited Liability in the Cayman Islands) As Issuer and EFG EUROBANK ERGASIAS S.A
– 6:46 pm – mac5 – 3485 Intro : 3485 Intro Prospectus EFG HELLAS PLC (incorporated with limited liability in England and Wales) as Issuer and EFG HELLAS (CAYMAN ISLANDS) LIMITED (incorporated with limited liability in the Cayman Islands) as Issuer and EFG EUROBANK ERGASIAS S.A. (incorporated with limited liability in the Hellenic Republic) as Guarantor €15,000,000,000 Programme for the Issuance of Debt Instruments Under this €15,000,000,000 Programme for the Issuance of Debt Instruments (the “Programme”), each of EFG Hellas PLC and EFG Hellas (Cayman Islands) Limited (each an “Issuer” and, together, the “Issuers”) may from time to time issue debt instruments (“Instruments”) guaranteed by EFG Eurobank Ergasias S.A. (the “Guarantor” or the “Bank”) and denominated in any currency agreed between the relevant Issuer and the relevant Dealer (as defined herein). Application has been made to the Commission de Surveillance du Secteur Financier (the “CSSF”) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 on prospectuses for securities to approve this document as a base prospectus. Application has also been made to the Luxembourg Stock Exchange for Instruments issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Official List of the Luxembourg Stock Exchange. References in this Prospectus to Instruments which are intended to be “listed” (and all related references) on the Luxembourg Stock Exchange shall mean that such Instruments have been admitted to trading on the Luxembourg Stock Exchange’s regulated market and have been listed on the Official List of the Luxembourg Stock Exchange. -
The Gordian Knot: American and British Policy Concerning the Cyprus Issue: 1952-1974
THE GORDIAN KNOT: AMERICAN AND BRITISH POLICY CONCERNING THE CYPRUS ISSUE: 1952-1974 Michael M. Carver A Thesis Submitted to the Graduate College of Bowling Green State University in partial fulfillment of The requirements for the degree of MASTER OF ARTS May 2006 Committee: Dr. Douglas J. Forsyth, Advisor Dr. Gary R. Hess ii ABSTRACT Douglas J. Forsyth, Advisor This study examines the role of both the United States and Great Britain during a series of crises that plagued Cyprus from the mid 1950s until the 1974 invasion by Turkey that led to the takeover of approximately one-third of the island and its partition. Initially an ancient Greek colony, Cyprus was conquered by the Ottoman Empire in the late 16th century, which allowed the native peoples to take part in the island’s governance. But the idea of Cyprus’ reunification with the Greek mainland, known as enosis, remained a significant tenet to most Greek-Cypriots. The movement to make enosis a reality gained strength following the island’s occupation in 1878 by Great Britain. Cyprus was integrated into the British imperialist agenda until the end of the Second World War when American and Soviet hegemony supplanted European colonialism. Beginning in 1955, Cyprus became a battleground between British officials and terrorists of the pro-enosis EOKA group until 1959 when the independence of Cyprus was negotiated between Britain and the governments of Greece and Turkey. The United States remained largely absent during this period, but during the 1960s and 1970s came to play an increasingly assertive role whenever intercommunal fighting between the Greek and Turkish-Cypriot populations threatened to spill over into Greece and Turkey, and endanger the southeastern flank of NATO. -
The Competition Council Has Authorized the Merger Between ALPHA BANK AE and EFG EFG EUROBANK ERGASIAS SA
The Competition Council has authorized the merger between ALPHA BANK AE and EFG EFG EUROBANK ERGASIAS SA The Competition Council has authorized the economic concentration consisting in merger by absorbtion of EFG Eurobank Ergasias SA by Alpha Bank AE. The analysis of the competition authority found that the notified economic concentration does not raise significant obstacles to effective competition on the Romanian market, respectively does not lead to the creation or strengthening of a dominant position of the merged company to have as effect restriction, prevention or significant distortion of competition on the Romanian market or on a part of it. Since both Alpha Bank AE and EFG Eurobank Ergasias SA hold in Greece more than 2/3 of turnover at European level, there is no obligation this merger to be notified to the European Commission. Community legislation provides that where each of the companies involved achieves more than 2/3 of total turnover in one of member states, the operation is analyzed by the competition authority of respective state as well as by each of the states where the involved parties activate. The merged company shall be called Alpha Eurobank SA. Alpha Bank AE is a company that is part of Alpha group, one of the most important banking and financial services groups in Greece. Alpha Group offers a wide range of services including retail banking, corporate banking, asset management, private sector banking, distribution of insurance products, investment banking, leasing, factoring, management of brokerage services and of estate assets, and brokerage services. In Romania, Alpha group holds control over Alpha Bank Romania S.A., Alpha Leasing Romania IFN S.A., SSIF Alpha Finance Romania S.A., Alpha Insurance Brokers S.R.L., Alpha Astika Akinita Romania S.R.L. -
School of Economics & Business Administration Master of Science in Management “MERGERS and ACQUISITIONS in the GREEK BANKI
School of Economics & Business Administration Master of Science in Management “MERGERS AND ACQUISITIONS IN THE GREEK BANKING SECTOR.” Panolis Dimitrios 1102100134 Teti Kondyliana Iliana 1102100002 30th September 2010 Acknowledgements We would like to thank our families for their continuous economic and psychological support and our colleagues in EFG Eurobank Ergasias Bank and Marfin Egnatia Bank for their noteworthy contribution to our research. Last but not least, we would like to thank our academic advisor Dr. Lida Kyrgidou, for her significant assistance and contribution. Panolis Dimitrios Teti Kondyliana Iliana ii Abstract M&As is a phenomenon that first appeared in the beginning of the 20th century, increased during the first decade of the 21st century and is expected to expand in the foreseeable future. The current global crisis is one of the most determining factors affecting M&As‟ expansion. The scope of this dissertation is to examine the M&As that occurred in the Greek banking context, focusing primarily on the managerial dimension associated with the phenomenon, taking employees‟ perspective with regard to M&As into consideration. Two of the largest banks in Greece, EFG EUROBANK ERGASIAS and MARFIN EGNATIA BANK, which have both experienced M&As, serve as the platform for the current study. Our results generate important theoretical and managerial implications and contribute to the applicability of the phenomenon, while providing insight with regard to M&As‟ future within the next years. Keywords: Mergers &Acquisitions, Greek banking sector iii Contents 1. Introduction ................................................................................................................ 1 2. Literature Review .......................................................................................................... 4 2.1 Streams of Research in M&As ................................................................................ 4 2.1.1 The Effect of M&As on banks‟ performance .................................................. -
Annual Report 2015-2016
ANNUAL REPORT 2015 - 2016 Annual Report 2015 - 2016 1 MESSAGE FROM THE DIRECTOR GENERAL 4 ECONOMIC ENVIRONMENT - The Cyprus Economy 7 - Major Εconomic Indicators 11 2 - Stock Market Developments 12 THE BANKING SECTOR - General Overview 15 - Banking Developments 16 3 - Financial Intermediation 18 - Bank Credit by Sector 19 - Credit and Debit Card Transactions 19 YEAR UNDER REVIEW - Recovery and Resolution of Credit Institutions 21 - Deposit Guarantee and Resolution of Credit Institutions Scheme 22 4 - Combatting Money Laundering and Terrorist Financing 23 - Auction spaces for the foreclosures of mortgaged real estate 25 - Implementation of the Common Reporting Standard in Cyprus 26 - Implementation of Intergovernmental Agreement of Cyprus – USA for FATCA 27 - Creation of a finance-facilitating Mechanism for SMEs that are provided grants through Schemes adopted by the Ministry of Energy Commerce, Industry and Tourism (MECIT) 27 - Electronic Payments 28 - Amendment of the Bank Account Switching Code 28 - New Legal Framework for Sale of Loans: The Sale of Credit Facilities and Related Matters Law of 2015 29 - IT Fraud-Cybercrime Committee 30 - New Department at the Association offering services on Human Resources and Training 31 - 54th, 55th, and 56th EBF-BCESA Meetings 31 - Financial Education – Cyprus pilots a new programme in primary schools 32 - Artemis Bank Information Systems Ltd 33 - ACB’s Training Activities 34 - Publications 35 THE ASSOCIATION - Background 37 5 - Our Mission 37 - Organizational Framework 38 - The Member Banks 39 - Association’s Events and Milestones in 2015 / 2016 42 3 1 Message from the Director General The year 2015 was marked by significant developments in the Cyprus bank- ing system as well as the economy. -
EUROBANK ERGASIAS S.A. €5 Billion Global Covered Bond
BASE PROSPECTUS EUROBANK ERGASIAS S.A. (incorporated with limited liability in the Hellenic Republic with registration number 000223001000) €5 billion Global Covered Bond Programme Under this €5 billion global covered bond programme (the Programme), Eurobank Ergasias S.A. (the Issuer) (formerly known as EFG Eurobank Ergasias S.A., which changed its name to Eurobank Ergasias S.A. on 2 August 2012) may from time to time issue bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer(s) (as defined below). Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 on prospectuses for securities (as amended) (the Prospectus Act 2005) to approve this document as a base prospectus (the Base Prospectus). By approving this base prospectus, the CSSF does not give any undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Issuer in accordance with Article 7(7) of the Prospectus Act 2005. Application has also been made to the Luxembourg Stock Exchange for Covered Bonds issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange’s regulated market and to be listed on the official list of the Luxembourg Stock Exchange (the Official List). This document comprises a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC as amended (which includes amendments made by Directive 2010/73/EU to the extent that such amendments have been implemented in a relevant Member State of the European Economic Area) (the Prospectus Directive) but is not a base prospectus for the purposes of Section 12(a)(2) or any other provision of or rule under the United States Securities Act of 1933 (as amended) (the Securities Act). -
Updated As of 01/06/2017 Changes Highlighted in Yellow
NEW QUARTER TOTAL PDship per Previous Quarter Firm Legal Entity Holding Dealership AT BE BG CZ DE DK ES FI FR GR HU IE IT LV LT NL PL PT RO SE SI SK UK Current Quarter Changes Bank March 2016) ABLV Bank ABLV Bank, AS 1 bank customer bank customer 0 Abanka Vipa Abanka Vipa d.d. 1 bank customer bank customer 0 ABN Amro ABN Amro Bank N.V. 3 bank inter dealer bank inter dealer 0 Alpha Bank Alpha Bank S.A. 1 bank customer bank customer 0 Allianz Group Allianz Bank Bulgaria AD 1 bank customer bank customer 0 Banca IMI Banca IMI S.p.A. 3 bank inter dealer bank inter dealer 0 Banca Transilvania Banca Transilvania 1 bank customer bank customer 0 Banco BPI Banco BPI + 1 bank customer bank customer 0 Banco Comercial Português Millenniumbcp + 1 bank customer bank customer 0 Banco Cooperativo Español Banco Cooperativo Español S.A. + 1 bank customer bank customer 0 Banco Santander S.A. + Banco Santander / Santander Group Santander Global Banking & Markets UK 6 bank inter dealer bank inter dealer 0 Bank Zachodni WBK S.A. Bank Millennium Bank Millennium S.A. 1 bank customer bank customer 0 Bankhaus Lampe Bankhaus Lampe KG 1 bank customer bank customer 0 Bankia Bankia S.A.U. 1 bank customer bank customer 0 Bankinter Bankinter S.A. 1 bank customer bank customer 0 Bank of America Merrill Lynch Merrill Lynch International 9 bank inter dealer bank inter dealer 0 Barclays Barclays Bank PLC + 17 bank inter dealer bank inter dealer 0 Bayerische Landesbank Bayerische Landesbank 1 bank customer bank customer 0 BAWAG P.S.K. -
Eurobank EFG Cyprus Ltd Report and Financial Statements for the Year
Eurobank EFG Cyprus Ltd Report and financial statements for the year ended 31 December 2009 Contents Page Board of Directors and other officers 1 Report of the Board of Directors 2 – 4 Independent Auditor’s Report 5 – 6 Income statement 7 Statement of comprehensive income 8 Balance sheet 9 Statement of changes in equity 10 Statement of cash flows 11 Summary of significant accounting policies and 12 – 70 notes to the financial statements Additional information to the financial statements 71 Eurobank EFG Cyprus Ltd Board of Directors and other officers Board of Directors N. Karamouzis Chairman M. Zampelas Vice Chairman, Non Executive M. Louis Executive D. Shacallis Executive M. Colakides Non Executive P. Hadjisotiriou Non Executive K. Morianos Non Executive K. Vasiliou Non Executive D. Hadjiargyrou Non Executive V. Nicolaides Non Executive C. Papaellinas Non Executive C. Zachariou Non Executive Executive Committee Michalis Louis Demetris Shacallis Charalambos Hambakis Achilleas Malliotis Andreas Petsas Antonis Antoniou Stefanos Kassianides Company Secretary D. Shacallis Registered office 41 Arch. Makariou Avenue 5th floor CY-1065 Nicosia Cyprus EFGH CYP 2009 FS. (1) Eurobank EFG Cyprus Ltd Report of the Board of Directors The Board of Directors presents its report together with the audited financial statements of Eurobank EFG Cyprus Ltd (the “Bank”) for the year ended 31 December 2009. Principal activity Eurobank EFG Cyprus Ltd was incorporated on 21 December 2007 and remained dormant until the date of transfer of assets and activities of EFG Eurobank Ergasias S.A. – Cyprus Branch which took place on 26 March 2008. The transfer of assets and activities was effected following the permit granted by the Central Bank of Cyprus dated 11 March 2008 to carry out banking services through the operation of a Cyprus subsidiary company and in accordance with the Transfer of Banking Business and Securities Law 64 (I)/1997, as amended (the “Transfer Law’) N 118(I)/2002 (as amended) articles 26-30. -
To the Challenges of a New Era
Open to the challenges of a new era ANNUAL REPORT2006 WorldReginfo - 9eefdb0a-d062-4b3b-b28d-bb9fee2e478a LONDON • One branch LUXEMBOURG • Presence through subsidiaries BULGARIA • 281 Branches • 287 Total points of presence • Loans of €1.5 bn. ROMANIA • 189 Branches • 201 Total points of presence • Loans of €1.7 bn. SERBIA • 103 Branches • 108 Total points of presence • Loans of €0.4 bn. WorldReginfo - 9eefdb0a-d062-4b3b-b28d-bb9fee2e478a POLAND POLAND • 70 Branches • 130 Total points of presence UKRAINE • Loans of €0.2 bn. ROMANIA UKRAINE • Universal Bank UKRAINE • 33 Branches SERBIA BULGARIA TURKEY GREECE TURKEY 31 Branches GREECE • 367 Branches • 520 Total points of presence • Loans of €31.1 bn. WorldReginfo - 9eefdb0a-d062-4b3b-b28d-bb9fee2e478a WorldReginfo - 9eefdb0a-d062-4b3b-b28d-bb9fee2e478a CONTENTS THE YEAR IN REVIEW 4 Members of the Strategic Planning Committee and the Executive Committee Financial Highlights Review Letter to Shareholders Financial Review The Eurobank EFG Share RETAIL BANKING 21 Retail Banking Service Networks Consumer Lending Mortgage Lending Small Business Banking CORPORATE BANKING 27 Lending to Large Corporates Lending to Medium-Sized Enterprises Shipping Leasing Factoring INVESTMENT BANKING & CAPITAL MARKETS 33 Investment Banking Equity Brokerage Treasury WEALTH MANAGEMENT 36 Mutual Funds Insurance Asset Management Private Banking INTERNATIONAL PRESENCE 40 Bulgaria Romania Serbia Poland Turkey Ukraine OTHER ACTIVITIES OF THE GROUP 46 Securities Services Payment Services Payroll Services Real Estate E-Commerce e-Banking and Internet Services RISK MANAGEMENT 48 CORPORATE GOVERNANCE 52 APPENDICES 55 Consolidated Financial Statements 2006 Eurobank EFG Group and EFG Group ANNUAL REPORT 2006 3 WorldReginfo - 9eefdb0a-d062-4b3b-b28d-bb9fee2e478a Members of the Strategic Planning Committee and the Executive Committee Xenophon C. -
Systemic Stress Test Model for Shared Portfolio Networks Irena Vodenska1,2*, Nima Dehmamy3, Alexander P
www.nature.com/scientificreports OPEN Systemic stress test model for shared portfolio networks Irena Vodenska1,2*, Nima Dehmamy3, Alexander P. Becker1,2, Sergey V. Buldyrev4 & Shlomo Havlin5 We propose a dynamic model for systemic risk using a bipartite network of banks and assets in which the weight of links and node attributes vary over time. Using market data and bank asset holdings, we are able to estimate a single parameter as an indicator of the stability of the fnancial system. We apply the model to the European sovereign debt crisis and observe that the results closely match real-world events (e.g., the high risk of Greek sovereign bonds and the distress of Greek banks). Our model could become complementary to existing stress tests, incorporating the contribution of interconnectivity of the banks to systemic risk in time-dependent networks. Additionally, we propose an institutional systemic importance ranking, BankRank, for the fnancial institutions analyzed in this study to assess the contribution of individual banks to the overall systemic risk. Recent fnancial crises have motivated the scientifc community to seek new interdisciplinary approaches to modeling the dynamics of global economic systems. Following seminal papers by Allen and Gale 1,2, a number of empirical studies have attempted to estimate the risk of contagion in fnancial systems: the UK interbank market 3, the German interbank market4, or the Austrian interbank market5, to name a few. Other works6,7 turned their attention to the impact of leverage and liquidity risk on contagion. While many of the existing economic models include noise and fuctuations, they assume a representative economic agent or use market data to infer interde- pendencies among fnancial institutions.