The Central Bank-appointed administrator of the troubled Laiki Bank is preparing detailed plans to sell off the bank’s assets, which include an 18% share in the Bank of Cyprus.
Last March, the bank’s uninsured account holders lost about 4 billion euros from the bail in, while part of the bank’s assets were used to refinance the Bank of Cyprus. The old Laiki Bank retained its overseas subsidiaries.
While the bank’s assets have not yet been announced, they include subsidiaries that still operate in many countries, such as Serbia, Russia and the Ukraine. Cypriot media have estimated the bank’s assets at 750 million euros, with the 18% share in the Bank of Cyprus valued at 500 million euros alone.
