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‘No good reason for BoC’s high number of Greek bonds’

By George Psyllides 05/04/13
A PROBE into the acquisition by Bank of Cyprus (BoC) of €2.4 billion worth of Greek debt found that there was no clear justification or rationale for the decision to accumulate such a high number of bonds, ultimately forcing the lender to seek state assistance.Global forensic and dispute services provider Alvarez and Marsal said BoC documents did not clearly specify the rationale of acquiring such a large amount, which later caused heavy losses due to the EU decision to write-down Greek debt (GGB).In its report, the firm said that despite the lack of formal documentation, it appeared that the decision had been driven by the management’s desire to deliver net income interest and profit growth... 10 comments
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