The Central Bank of Cyprus announces that it has commissioned Alvarez and Marsal (A&M) to carry out an independent investigation into the circumstances that have led two banks within the Republic of Cyprus to seek state support. The investigation, which begins today, will be performed in accordance with section 24 of the Central Bank of Cyprus Law and section 26(2) of the Banking Law. The Central Bank of Cyprus anticipates that the investigation will provide clarity and comprehension regarding the current financial stress in the Republic and guide remediation to strengthen the stability of the banking sector.
A&M is a global professional services firm specialising in business advisory, investigatory services, performance improvement, turnaround and interim management. A&M provides specialist operational, consulting and industry expertise and advises governments and institutions globally, including Ireland, Greece and Spain.
