Cyprus bank de­posits rose 18pc

The Pak Banker - - Company& -

NI­COSIA: Cyprus bank de­posits rose 18% to 68.7b eu­ros f r om Jan­uary to Novem­ber, while de­posits ad­vanced 2.6% in Novem­ber from the prior month, ac­cordi ng to a cen­tral bank an­nounce­ment.

The top gain­ers in the de­posit seg­ment were Bank of Cyprus, the Na­tional Bank of Greece ( Cyprus), EFG Eurobank and Pi­raeus Bank which gained 1.3%, 0.4%, 0.6%, 0.1% y-o-y, re­spec­tively. Marfin Pop­u­lar Bank and Al­pha Bank l ost 0.8 and 0.5% y-o-y, r es­pec­tively, while both the Coops and Hel­lenic Bank lost a sig­nif­i­cant share of 2.0% and 0.9% y-o-y, re­spec­tively.

On the lend­ing side, the most ac­tive play­ers were Marfin Pop­u­lar, Bank of Cyprus and the Coops which added 1.4%, 0.9% and 1.1%, re­spec­tively to their mar­ket shares r each­ing 17.1%, 24.3% and 20.0%. EFG Eurobank lost 1.5% y-o-y, whilst both t he Na­tional Bank of Greece (Cyprus) and Pi­raeus Bank gained 0.3% each.

The main rea­son for the i ncrease i n de­posits was Rus­sians trans­fer­ring funds to the is­land, which ben­e­fited both Greek and Cypriot banks, Con­stanti­nos Loizides, man­ag­ing di­rec­tor of Pi­raeus Bank in Cyprus, was quoted by Bloomberg as say­ing.

De­posits at units of Greek banks in Cyprus have risen 27% since the start of the year to 7.4 bln eu­ros to Novem­ber, com­pared with 7 bln eu­ros in June. De­posits at Greek banks on the is­land peaked in May at 7.5 bln eu­ros as clients in the coun­try trans­ferred money to Cyprus on con­cerns Greece would de­fault, re­struc­ture its bor­row­ings or aban­don the euro and im­pose re­stric­tions on cap­i­tal flow. - PB News

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