What happened to Laiki Bank?

Laiki was split into a good and bad bank, the good bank (Cyprus operations) merged with Bank of Cyprus and the bad bank is in the process of being sold and finally shuttered. The board and CEO were replaced on 27 March.

Which is the best bank in Cyprus?

All these resulted in Hellenic Bank being chosen as the top bank in Cyprus. As the magazine pointed out, 2021’s winning banks were the ones that took care of their customers’ needs in a very difficult year, achieving strong performance and financial results, laying solid foundations for their future success.

Did Cyprus government take money from bank accounts?

Depositors in two Cypriot banks lost billions when savings were confiscated to protect the island’s banking system in 2013, in a process known as a bail-in. The move was a condition sought by international creditors for a 10 billion euro ($11.62 billion) bailout to the east Mediterranean island.

Did Cyprus take money from bank accounts?

People in Cyprus have reacted with shock to news of a one-off levy of up to 10% on savings as part of a 10bn-euro (£8.7bn; $13bn) bailout agreed in Brussels. Savers could be seen queuing at cash machines amid resentment at the charge.

Can you lose your savings account?

Yes, savings account over a long period of time can lose you money. You may have the physical cash but the purchasing power of that cash has diminished and there is nothing any of us can do about it. Inflation is actually a good thing when it is balanced and so far, it is just a fact of life that isn’t going anywhere.

Is Cyprus in banking crisis?

Just six years ago, the Bank of Cyprus looked to be on the brink of collapse. The Mediterranean island’s largest lender was badly affected by the economic crisis that hit Cyprus in 2013 and led to the collapse of several of its competitors.

Is Bank of Cyprus safe?

Savers must remember that their deposits are protected under the €100,000 Cypriot scheme, not the UK’s safety net (FSCS). That is the main risk you’re taking here, compared with most other UK-based banks.

How does Cyprus make money?

The services sector, including tourism, contributes almost 80% to GDP and employs more than 70% of the labor force. Industry and construction account for approximately one-fifth of GDP and labor, while agriculture is responsible for 2.1% of GDP and 8.5% of the labor force.

What is Marfin Egnatia Bank?

In Greece, the Marfin Group consolidated Egnatia, Laiki and Marfin to form Marfin Egnatia Bank, which is the 95%-owned Greek subsidiary of Marfin Popular Bank. In 2007, the bank announced the planned takeover of 50.12% of the share capital of AS SBM Pank, a bank in Estonia.

What does Egnatia Group do?

Nowadays the Group provides wide spectrum of services using the belonging companies. Egnatia Group is present in more than 8 countries where it provides integrated services in state-of-the-art technology fields, and consists of more than 9 companies with various business directions.

Why egegnatia group of companies?

EGNATIA Group of companies was established in 1989 in Thessaloniki, Greece and right from the start, it began activities in the special technical project field, aiming at providing integrated quality services and products. Nowadays the Group provides wide spectrum of services using the belonging companies.