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Marfin Popular Bank
Cyprus Popular Bank (from 2006 to 2011 known as Marfin Popular Bank) was the second-largest banking group in Cyprus behind the Bank of Cyprus until it was 'shuttered' in March 2013 and split into two parts. The 'good' Cypriot part was merged into the Bank of Cyprus (including insured deposits under 100,000 Euro) and the 'bad' part or legacy entity holds all the overseas operations as well as uninsured deposits above 100,000 Euro, old shares and bonds. The uninsured depositors were subject to a bail-in and became the new shareholders of the legacy entity. As at May 2017, the legacy entity is one of the largest shareholders of Bank of Cyprus with 4.8% but does not hold a board seat. All the overseas operations, of the now defunct Cyprus Popular Bank, are also held by the legacy entity, until they are sold by the Special Administrator, at first Ms Andri Antoniadou, who ran the legacy entity for two years, from March 2013 until 3 March 2015. She tendered her resignation due to disag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listed company), which facilitates the trade of shares, or not (unlisted public company). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are ''private'' enterprises in the ''private'' sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states, and therefore have associations and formal designations which are distinct and separate in the polity in which they reside. In the United States, for example, a public company is usually a type of corporation (though a corporation need not be a public company), in the United Kingdom it is usually a public limited company (plc), i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marfin Laiki Bank - Geograph
MIG Holdings (also known as MIG) is a Greek investment company. It has acquired several companies and has changed name several times since. In 2004 it took the name ''Marfin Financial Group'' following the triple merger of ''Comm Group'', ''Marfin Classic Α.Ε.Ε.Χ'' and ''Maritime and Financial Investments''. Its shares are currently listed on the Athens Stock Exchange. History Finance history In 2006 the Dubai Group bought a 35% stake in the company. , 17.28% of MIG is owned by Dubai Group. In 2006 Marfin Investment Group acquired HSBC's shares in the now-defunct Laiki Bank, establishing a strong minority share position. Subsequently, the group acquired control of Laiki, which it re-branded as Marfin Popular Bank. On 17 March 2008, MIG announced it sold its 20% of Greek telecommunications company OTE to Deutsche Telekom. On 6 March 2009, MIG won the deal to acquire Olympic Airlines making it a private airline. The airline was renamed Olympic Air soon after. On 22 F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limassol
Limassol (; el, Λεμεσός, Lemesós ; tr, Limasol or ) is a city on the southern coast of Cyprus and capital of the district with the same name. Limassol is the second largest urban area in Cyprus after Nicosia, with an urban population of 183,658 and a metropolitan population of 239,842. In 2014, Limassol was ranked by TripAdvisor as the 3rd up-and-coming destination in the world, in its Top 10 Traveler's Choice Destinations on the Rise list. The city is also ranked 89th worldwide in Mercer's Quality of Living Survey (2017). In the 2020 ranking published by the Globalization and World Cities Research Network, Limassol was classified as a "Gamma −" global city. History Limassol was built between two ancient Greek cities, Amathus and Kourion, and during Byzantine rule it was known as Neapolis (new town). Limassol's historical centre is located around its medieval Limassol Castle and the Old Port. Today the city spreads along the Mediterranean coast and has extende ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2012–2013 Cypriot Financial Crisis
The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector. On 25 March 2013, a €10 billion international bailout by the Eurogroup, European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) was announced, in return for Cyprus agreeing to close the country's second-largest bank, the Cyprus Popular Bank (also known as Laiki Bank), imposing a one-time bank deposit levy on all uninsured deposits there, and seizing possibly around 48% of uninsured deposits in the Bank of Cyprus (the island's largest commer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People's Republic Of China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and borders fourteen countries by land, the most of any country in the world, tied with Russia. Covering an area of approximately , it is the world's third largest country by total land area. The country consists of 22 provinces, five autonomous regions, four municipalities, and two Special Administrative Regions (Hong Kong and Macau). The national capital is Beijing, and the most populous city and financial center is Shanghai. Modern Chinese trace their origins to a cradle of civilization in the fertile basin of the Yellow River in the North China Plain. The semi-legendary Xia dynasty in the 21st century BCE and the well-attested Shang and Zhou dynasties developed a bureaucratic political system to serve hereditary monarchies, or dyna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beijing
} Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 million residents. It has an administrative area of , the third in the country after Guangzhou and Shanghai. It is located in Northern China, and is governed as a municipality under the direct administration of the State Council with 16 urban, suburban, and rural districts.Figures based on 2006 statistics published in 2007 National Statistical Yearbook of China and available online at archive. Retrieved 21 April 2009. Beijing is mostly surrounded by Hebei Province with the exception of neighboring Tianjin to the southeast; together, the three divisions form the Jingjinji megalopolis and the national capital region of China. Beijing is a global city and one of the world's leading centres for culture, diplomacy, politics, finance, busi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Athens Stock Exchange
The Athens Stock Exchange (ASE or ATHEX; el, Χρηματιστήριο Αθηνών (Χ.Α.), ''Chrimatistírio Athinón'') is the stock exchange of Greece, based in the capital city of Athens. It was founded in 1876. There are currently five markets operating in ATHEX: regulated securities market, regulated derivatives market, Alternative market, carbon market (for EUAs) and OTC market. In the regulated securities market investors can trade in stocks, bonds, ETFs and other related securities. On the stock exchange 172 stocks are currently traded representing 166 companies. ATHEX has over 30 indices. The six main indices are: Composite Index (''GD''), FTSE/Athex Large Cap (''FTSE'', also known as ''FTSE 25''), FTSE/Athex Mid Cap Index (''FTSEM''), FTSE/Athex Market Index (''FTSEA''), FTSE/ATHEX Global Traders Index Plus (''FTSEGTI'') and FTSE/ATHEX Factor-Weighted Index (''FTSEMSFW''). The Athens Composite index started trading in 1980, its High 6355.04 set on 17 Septembe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marfin Investment Group
Marfin Investment Group (also known as MIG) is a Greek investment company created in 1998 as ''Marfin Α.Ε.Π.Ε.Υ.''. It has acquired several companies and has changed name several times since. In 2001 it acquired ''Piraeus Prime Bank'' and was renamed ''Marfin Bank''. In 2004 it took the name ''Marfin Financial Group'' following the triple merger of ''Comm Group'', ''Marfin Classic Α.Ε.Ε.Χ'' and ''Maritime and Financial Investments''. Its shares are currently listed on the Athens Stock Exchange. History Finance history In 2006 the Dubai Group bought a 35% stake in the company. , 17.28% of MIG is owned by Dubai Group. In 2006 Marfin Investment Group acquired HSBC's shares in the now-defunct Laiki Bank, establishing a strong minority share position. Subsequently, the group acquired control of Laiki, which it re-branded as Marfin Popular Bank. On 17 March 2008, MIG announced it sold its 20% of Greek telecommunications company OTE to Deutsche Telekom. On 6 March 2009, M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chris Pavlou (banker)
Chris Pavlou (born May 30, 1945) is an International banker and a business executive. He was the Vice-Chairman of Cyprus Popular Bank. He was in this position since September 17, 2012. On 28 March 2013 he resigned as Vice Chairman of Laiki Bank (Cyprus Popular Bank) but in April 2015 until December 2016 was appointed by the Central Bank of Cyprus in its capacity as resolution authority as Special Administrator of the legacy entity of Laiki Bank. Banking career Pavlou joined Barclays, London, in 1966 where he gradually moved up to the position of Deputy Chief Manager. He later spent five years in New York City as Senior Vice President running Barclays Foreign Exchange and Money Markets in North America. In February 1987 he joined the Hong Kong and Shanghai Banking Corporation Ltd. ( HSBC) as Chief Treasury Manager responsible for all Treasury activities. Within five years the business was transformed into a market leader and profits increases tenfold. In August 1992, he was a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Cyprus
The Central Bank of Cyprus ( el, Kεντρική Τράπεζα της Κύπρου tr, Kıbrıs Merkez Bankası), is the central bank of the Republic of Cyprus, located in Nicosia. It was established in 1963. Its current Governor is Constantinos Herodotou The bank issued Cypriot pound banknotes and coins prior to 2008, when Cyprus adopted the euro. History The Central Bank of Cyprus has its origins in the British Colonial Government of Cyprus, which established a Cyprus Currency Board in 1927. This followed on from the unilateral annexation of Cyprus by the British Empire in 1914, the Treaty of Lausanne, establishing the legality in international law of this British takeover, in 1923, and the full establishment of a colonial system of government in Cyprus, with the creation of a Legislative Council, in 1926. The role of the Chairman of the Currency Board was held by the Accountant General, also known as the Auditor General, of the Government of Cyprus. The Board could issue ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bail-in
A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy. A bailout differs from the term ''bail-in'' (coined in 2010) under which the bondholders or depositors of global systemically important financial institutions (G-SIFIs) are forced to participate in the recapitalization process, but taxpayers are not. Some governments also have the power to participate in the insolvency process: for instance, the U.S. government intervened in the General Motors bailout of 2009–2013. A bailout can, but does not necessarily, avoid an insolvency process. The term ''bailout'' is maritime in origin and describes the act of removing water from a sinking vessel using a bucket. Overview A bailout could be done for profit motives, such as when a new investor resurrects a floundering company by buying its shares at firesale prices, or for social objectives, such as when, hypothetically speaking, a wealthy philanthropist reinve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Cyprus
The Bank of Cyprus (BoC) ( el, Τράπεζα Κύπρου, tr, Kıbrıs Bankası) is a Cypriot financial services company established in 1899 with its headquarters in Strovolos. Current operations The Bank of Cyprus currently operates 108 branches or business offices across the Republic of Cyprus. The group also has representative offices in Romania (€33 million net exposure as of 2007), Greece (€309 million exposure as of 2007), Russia (€21 million net exposure as of 2007), Ukraine, and China. It is the largest bank in Cyprus by market penetration, with 83% of Cypriots having active Bank of Cyprus accounts, representing 60% of total corporate accounts and 40% of the overall banking sector. The shares of the bank are listed on the Cyprus Stock Exchange (CSE). The bank is the largest listed company on the CSE in terms of market capitalization. Since 8 October 2007, it has been part of the Cyprus 10 Index, which comprises the 10 largest companies in Cyprus. It was listed o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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