Bank of Cyprus which recapitalised itself after seizing depositors savings earlier this year, posted a massive EUR 1.94 billion loss for the first nine months of 2013. The bank claims that most of these loses are due to the closer of its operations in Greece and continuing non-performing loans.
It is no joke that the majority of shareholders in the BoC are now Russians and Ukrainians who had their money ‘seized’ by the bank if they had more than EUR 100,000 in the bank.
The banks new CEO, John Hourican said in a statement ‘’Our priority remains to restore investor and customer confidence in the bank.’’
Well the best of luck mate.