Recovery: Cypriot Economy and Story

recovery: But, in a story of revival that mirrors the recovery in the Cypriot economy, the bank is now eyeing a listing in London and outlining plans to expand in the UK. Chief executive John Hourican who got the top job after leaving Royal Bank of Scotland amid the controversy of its Libor fine in 2013 was in the City last week explaining how he intends to make the bank attractive to investors, according to The Guardian. The details are still sketchy. It had been forced under the terms of a 10bn bailout of the country to seize cash from its savers and was being kept afloat by billions of euros pumped in from the central bank. An initial listing is targeted for early next year but the main plan is to get into good enough shape to gain a place in the coveted FTSE indices that will help lure in big-money investors. Just 800m of emergency funding from the central bank still needs to be repaid, a small sum compared with the 11.4bn equivalent to 70% of the country GDP that was required to keep it afloat in 2013. Nonetheless, it is a sign of the impressive ambition Hourican has for a bank that, as he has admitted, is still in repair some 58% of its loans are still non-performing in default or close to it . But there are positive signs. (news.financializer.com). As reported in the news.