The European Central Bank (“ECB”) has taken a decision on 31/08/2018 to proceed with the withdrawal of the licence of the Cyprus Cooperative Bank Ltd (“CCB”) to operate as a credit institution. The withdrawal came into effect on 03/09/2018, date on which the agreement between CCB and Hellenic Bank Public Limited (“Hellenic”) for the transfer of certain targeted perimeter of assets and liabilities to Hellenic was concluded.
The ECB took the above decision, after the CCB had voluntarily surrendered its authorisation as a credit institution, having regard to the fact that after the transfer of the targeted perimeter of assets and liabilities from CCB to Hellenic, no deposits or other repayable funds from the public would remain with CCB. Therefore, CCB would no longer meet the definition of a credit institution under Article 4(1)(1) of Regulation No. 575/2013 of the European Parliament and the Council.
Accordingly, CCB will be deleted from the list of supervised entities that both the ECB and the Central Bank of Cyprus publish.