During the official announcement of the Bank of Cyprus’ intention to submit a public offer for the acquisition of 100% of Emporiki Bank, BOC Executive Manager, Andreas Eliades, referred to the bank’s high credit rating (14%) and the fact that the loans to deposits ratio stands at 70%.

Speaking after the meeting between the BOC leadership and the Greek Finance Minister, Giorgos Alogoskoufis, Mr. Eliades said that only the National Bank of Greece has such a rating and smaller banks have acquired larger.

“The public offer will be direct, autonomous and comparable”, he noted.

On the other hand, Mr. Alogoskoufis said that the process for the privatization of Emporiki Bank is open and the government will examine all comparable competitive public offers. “We must avoid possible phenomena of profiteering”, he added.

As for the procedures that will be followed, the Greek Minister said that the issue concerns the BOC administration, the consultants of the Greek Government and the banking supervisory authorities.

Alpha Bank

According to Greek reports, Alpha Bank is also interested in submitting a public offer to Emporiki and has therefore “appointed an international firm to forms its strategic”.