The Cyprus People’s Bank ( Cyprus Popular Bank Public Co. Ltd , formerly Marfin Popular Bank , Laiki bank trademark ( English Laiki bank , Greek Λαϊκι Τραπεζα ) - until March 2013, the second largest banking group of the Republic of Cyprus after the Bank of Cyprus . The bank arose in 1901 as the People's Savings Bank of Limassol .
| Cyprus People's Bank Cyprus Popular Bank Public Co. Ltd trademark Laiki bank (Λαϊκι Τραπεζα) | |
|---|---|
 | |
| Type of | Public company |
| Exchange listing | ASE : 877 |
| Base | 1901 |
| Abolished | 2013 |
| Reason for Abolition | Financial crisis |
| Successor | Bank of Cyprus |
| Former names | People's Sberbank of Limassol , Marfin popular bank |
| Location |  Cyprus , Limassol |
| Industry | Finance and Insurance |
| Products | Financial services |
| Number of employees | 8 775 |
| Site | www.laiki.com |
By the beginning of 2013, Laiki Bank was a network of more than 295 branches located in Cyprus, Russia, Ukraine, Romania, Serbia, the UK and Malta. Shares of Laiki Bank were listed on the Cyprus and Athens Stock Exchanges. The Bank also applied for opening a representative office in Beijing . As of September 2012, Laiki Bank owned a 16% market share for the country's loans and 14.4% of deposits. As of June 30, 2012, 84% of its shares belonged to the state.
The financial crisis and liquidation
On March 25, 2013, the European Commission announced that due to the financial crisis, the Cyprus People’s Bank will be liquidated by transferring its insured assets to the Bank of Cyprus , which will also undergo a restructuring [1] . Thus, the assets of the KNB will actually be transferred to its main competitor [2] . From March 16 to March 28, 2013, the assets of both banks are in a completely frozen state.
In accordance with the Decree “On the Sale of Certain Services of the Bank of Cyprus Popular Bank Public Co Ltd” of 2013, issued in accordance with the Law of the Republic of Cyprus “On the Improvement of Credit and Other Institutions” of March 29, 2013, insured deposits and most of the assets and loans The People’s Bank of Cyprus was acquired by the Bank of Cyprus [3] .
Notes
- ↑ NEWSru.com News :: The President of Cyprus has proclaimed on TV a “new era” - from Tuesday . Date of treatment March 26, 2013. Archived April 4, 2013.
- ↑ Ministry of Finance of Austria: Cyprus People's Bank may be liquidated today: Voice of Russia . Date of treatment March 26, 2013. Archived April 9, 2013.
- ↑ From an announcement on the website of the Cyprus People’s Bank www.laiki.com Archived October 3, 2013 on Wayback Machine