By Syndicated Content
By Jacob Gronholt-Pedersen and Abhinav Ramnarayan
COPENHAGEN (Reuters) â Iceland intends to launch an initial public offering (IPO) of Islandsbanki by next month, in a first step to curbing the stateâs ownership of the banking sector well over a decade after it imploded during the 2008 financial crisis.
The North Atlantic nation, whose banking collapse was an extreme example of the greed and mismanagement of the global financial system, said on Thursday it would begin to normalise its financial sector by selling at least 25% of the bankâs existing shares by next month.
Islandsbanki, formerly Glitnir, was one of the three lenders that failed within days of each other in 2008, prompting a state takeover that resulted in the restructuring of existing banks and creation of new ones.
Iceland takes step to curbing state ownership of banks after 2008 collapse
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Iceland takes step to curbing state ownership of banks after 2008 collapse
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N. Macedonia s FITR, Silk Road Bank to partner in providing financing to innovative firms Ministry of Economy/All rights reserved.
SKOPJE (North Macedonia), April 16 (SeeNews) - North Macedonia s Fund for Innovation and Technology Development (FITR) said on Friday it signed a memorandum of cooperation with Skopje-based Silk Road Bank to facilitate access to funding of innovative local companies.
Under the agreement, Silk Road Bank will provide special payment services, loans and other benefits to micro and small companies, firms in early stage of development and startups through the Bizz Up package created with the support of the European Union and the European Investment Fund (EIF), the government-run innovation fund said in a statement.
By Syndicated Content
Feb 22, 2021 1:56 AM
ATHENS (Reuters) - Greece s Alpha Bank will sell a 10.8 billion euro ($13.09 billion) portfolio of impaired loans and 80% of loan services provider Cepal Holdings to U.S. fund Davidson Kempner under a definitive agreement it announced on Monday.
The sale of the portfolio, known as Galaxy, will be the second-largest rated securitisation of non-performing exposures (NPEs) in Europe after Monte dei Paschi s Sienna project, it said.
The deal is expected to reduce Alpha Bank s NPE and NPL ratios in Greece to 24% and 13% respectively from 43% and 29% in September 2020.
Reuters had exclusively reported that Alpha Bank had selected Davidson Kempner as its preferred bidder in November last year.