Commercial Bank of Greece (Emporiki) and Glory Financial Services Ltd, a unit of Glory Worldwide Holdings, last week announced the establishment of a new bank in Cyprus that aims to take a 5% market share and possibly head for a listing on the Cyprus stock exchange.
The new bank, to be called Emporiki Bank (Cyprus), is expected to have around 15 branches in its first year of operation, although a target has been set to lift the number to 45 over a five year period. Emporiki will have a 51 per cent interest in the new bank, whilst Glory will hold a 45 per cent stake and Paraskevaides Group a 4 per cent stake.
After months of negotiations, the ageement was signed in Athens just over a week ago by the Chairman of Emporiki, Yiannis Stournaras and Glory Chairman Nassos Ktorides. Mr Ktorides filed an official application to the Central Bank on Monday including a detailed business plan that outlines the group’s future plans. The new bank’s entry into the Cypriot market is expected to be facilitated by the presence of an Emporiki Bank branch in Cyprus.
The Cyprus Central Bank has repeatedly said that it favours the establishment of new banks in order to encourage competition, provided they have a strong foreign partner that has the management know-how and expertise to make the project a success.
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