Bank of Cyprus says Greece reviewing Emporiki bid

GREECE’S finance ministry is evaluating Bank of Cyprus’ 3.78 billion euro bid for Emporiki Bank, the chairman of the Cypriot bank told state radio yesterday.

“The (Greek) finance ministry informed us last night that it would assess our bid. At present there are proposals from the French (Credit Agricole) and our own,” Bank of Cyprus group chairman Vassilis Rologis told Cypriot state radio.

Bank of Cyprus is offering 3.25 of its shares plus 6 euros in cash for each Emporiki share in a bid valuing Greece’s fourth-largest lender at 3.78 billion euros. Credit Agricole had offered 3.1 billion euros in cash earlier this month.

Asked whether he had information on other potential bidders, Rologis said: “We don’t know that yet, nor can we assess what will happen. We shall see soon.”

Bank of Cyprus shares ended 3.17 per cent up at 7.16 euros on Thursday. (R)
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The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.