Co-ops un­der at­tack, HSBC sells Laiki stake

Financial Mirror (Cyprus) - - FRONT PAGE -

Com­mer­cial banks were vy­ing for a piece of the Co-ops’ mar­ket share, while HSBC said it con­cluded a deal to off­load its 21% share in Laiki to new in­vestors, in­clud­ing Marfin, ac­cord­ing to the is­sue 657, on Fe­bru­ary 8, 2006.

The is­land’s com­mer­cial banks em­barked on an ag­gres­sive cam­paign to grab as much mar­ket share pos­si­ble from the Co-op­er­a­tive sav­ings banks (aka SPE) in the the loans and de­posits sec­tor. The rea­son was the 33.6% mar­ket share of the CYP 587 mln in loans is­sued in the year, or 29% of the CYP



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