Daily Review - 210/3/2019

ΠΟΛΙΤΗΣ NEWS Δημοσιεύθηκε 20.3.2019
Daily Review - 210/3/2019

In the press today:


Battle for 11 positions in Hellenic’s BoD

Phileleftheros reports that Hellenic Banks’s strategic plan will be redefined with the Bank’s annual meeting and the election of the new BoD. The new BoD will be called to manage the impact from the absorption of the ‘good’ portfolio of the former Co-op and the increase of Hellenic’s balance sheet. The balance between Third Point and Wargaming in Hellenic Bank’s board, will crucially change. The American hedge fund no longer has a great share percentage while Wargaming is now accompanied by new shareholders that will claim a role in the Bank’s management. HB’s BoD currently consists of 13 members, of which 2 are executive members. On the basis of the bank’s mandate, the minimum number of board members is 7 and the maximum, 13. The chairman of the Board currently is Youssef Nasr, who became chairman on 11 July 2018. The Vice-chairman of the Board is Marinos Yiannopoulos who was elected as a member on 28 May 2014 and subsequently was elected as vice-chairman. The two executive members of the Board are the CEO, Giannis Matsis and CFO Lars Kramer. The non-executive members of the Board are Marrianna Pantelidou, Irena Georgiadou, David Bonnano, Stephen John Albutt, Andrew Wynn, Demetris Efthymiou, Christodoulos Chadjistavris, Evripidis Polykarpou and Andreas Christofides. Accroding to supervisory rules, at least 50% of a banking institution’s members should be independent. The Bank’s new shareholding structure, now consists of 5 major shareholders (three current and two new). Wargaming has the most shares with 20.61%, followed by Demetra Investments with 18.42%, Poppy Sarl with 17.30%, the American Investment Fund Third Point with 12.59% and the Cypriot investment fund 7Q Financial Services with 9.99%. It should be noted that Demetra Investment, which until recently was the bank’s third biggest shareholder with 10.1% did not previously participate in the BoD. Phileleftheros reports that according to a leak to the press, the Provident Fund of bank employees participates in the share capital of 7Q Financial Services. This means that if 7Q is represented in the Bank’s Board, then the bank employees’ union (ETYK) through the investment of its members’ Provident Fund, will have an intermediate say in the management of Hellenic Bank. This as Phileleftheros reports, has provoked a certain unease between most of the Bank’s major shareholders.

AKEL’s gaffe and non-existent opposition

Phileleftheros’ author argues that the government, with their actions and omissions, could be productively criticised by opposition party, AKEL. However, most of AKEL’s members, have remained idle (apart from Irene Charalambidou). Furthermore, the author argues that AKEL’s accusation of the President that he sold the good part of the Co-op to Hellenic Bank because he has shares in the Bank worth only €57, is ridiculous. He argues that because of almost non-existent opposition, DISY will once again be the winner of the European Elections.

6th Ayia Napa triathlon

Alithia reports that the 6th Ayia Napa Triathlon, that was held at Nissi Beach Resort, was very successful. The event was co-organised by NIREAS TRIATHLON and the Municipality of Ayia Napa. More than 600 athletes from 30 countries and well-known athletes, took part in three different races for all levels: the Hellenic Bank Middle Distance Triathlon with 1.9km swimming, 90km biking and 21km running, the Triathlon which included 1.5m swimming, 40km biking and 10km running and the Sprint Triathlon which included 750m swimming, 20km biking and 5km running.

ECB approves BoC’s Project Helix

The European Central Bank approved Bank of Cyprus’ Project Helix, meaning the transaction for the sale of non-performing loans worth €2.7b to the investment fund Apollo. Bank of Cyprus announced, through the Cyprus Stock Exchange that the bank received an approval by the European Central Bank (ECB) with regards to the Significant Risk Transfer that emerges from the transaction. This approval is an important step forward for the completion of the transaction, which remains contingent on the satisfaction of a number of pre-existing conditions. The transaction is expected to be completed in the start of the second trimester of 2019, the announcement stresses. As it has already been announced, this transaction will reduce the bank’s NPLs by €2.7b, improving the bank’s NPLs percentage on the total of loans from 46% to 36%.

New crucial meeting on the privatisation of the Larnaca port

The author reports on today’s meeting between the Minister of Transports Mrs. Vassiliki Anastassiadou and Cyprus Shipping Agents Association representatives on the privatisation of the Larnaca port. In a letter addressed to the Minister last week, members of the Cyprus Shipping Agents Association expressed their strong concerns about the privatisation of the port and stressed the need to protect the port users and ensure the continuation of the commercial operations of the port without any changes. In this respect, the committee for the development of the Larnaca port and marina, also pointed out its concerns about the project in a letter addressed to Mrs. Anastassiadou, complaining about their absence in the decision-making process for issues related to the project.

Pharmacists to decide today on their participation in the GHS

Kathimerini reports that pharmacists are expected to take important decisions with regards to their participation in the GHS today, at the General Meeting of the Cyprus Pharmaceutical Association. The article reports that the Association’s Board met yesterday evening, in order to take note of the latest developments, in view of the GHS introduction on 1 June. The Board of Directors of the Cyprus Pharmaceutical Association, will present its final proposal to its members, in an extraordinary General Meeting that will take place today at 15:00 in Nicosia. At the Association’s president noted, many members are expected to attend the meeting, members in the private sector amount to 350. The revised HIO proposal focuses on the financial part. In fact, they tried to improve the global budget so as to safeguard sustainability, technological growth and quality medical treatment for all patients. The way that they will be reimbursed has been amended. At the same time, pharmacists worry about the budget allocated for pharmacies, as well as for their cashflow due to the operational expenses that will emerge after they join the GHS

GHS contributions at 1.8%

Alithia reports that the Independent Union of Cyprus' Public Employees (ASDYK) states that public employees contributions at GHS will reach 1.8% on their monthly salaries following the approval by the House of Representatives of the regulations that concern the contributions of state officials and public employees in the first phase of the new GHS. Following these regulations, the public employees’ contributions are reduced from 1.5% to 0.1% and this will be added to the 1.7% that they will contribute for GHS. It is also clarified that the reason why public employees’ contribution is 1.8% instead of 1.7% is due to the fact that from this June until June 2020 they will have additional rights in GHS than the remaining citizens such as in-hospital healthcare in state hospitals.

Cyprus- India Cultural Association celebrates three year anniversary

On the occasion of three years from its establishment, the Cyprus India Cultural Association in partnership with their embassy of India was organized with great success at the hotel Semeli the above event in the presence of celebrities from the political and economic communities, foreign diplomats, other foreign dignitaries. At the same time, guests had the opportunity to taste Indian cuisine and traditiona; music and dance.  The event was held at the auspices of the President of the House of Representatives, Demetris Syllouris.  Media sponsor for the event was ANTI TV and supporters were Aristo Developers, City of Dreams Mediterranean, and the Burgozone Winery.



 

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