Etyk announces 48-hour strike at APS, Hellenic’s NPL manager

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By Stelios Orphanides

Bank workers union Etyk said its members working at fHellenic Bank’s delinquent portfolio manager will hold a 48-hour strike on Monday, the first since it launched its operations on July 1.

The strike will be limited to APS Debt Servicing, which is in charge with managing the departments for loans in arrears, recoveries, real estate, and monitoring and collection, all former Hellenic Bank divisions absorbed by the new unit, Etyk said in a statement on its website on Tuesday.

The union, known for its inflammatory rhetoric, said that Hellenic, which owns a 49 per cent stake in APS Debt Servicing against a 51 per cent shareholding of the Prague-based APS Holdings SA, had no right to change the employment terms of workers transferred to APS.

Hellenic, which announced its agreement with APS in January, said affected workers were transferred to APS in accordance to provisions of Cypriot law stipulating that workers continue to work in the case of takeovers in new units under the same terms of employment as before. The lender also pledged to take back any worker who wished to return to the bank after a two-year period.

The union also referred to the agreement of the Central Cooperative Bank with Spain’s Altamira, announced on Monday, which also provides for the setup of a new unit to manage non-performing loans.

A source at Hellenic Bank said that the lender is still in an ongoing dialogue with the union.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Cydee

    So, what don’t they like?

    • SuzieQ

      Anything and everything.

    • divadi bear

      Cydee
      Everything which deviates from the Communist/Marxist way of thinking. THAT is what they don’t like !!

  • Jeremy Rigg

    The unions in this country are the biggest single problem it will ever face. Unless the banks stand firm the whole country is in serious danger of going under. Interesting times ahead mi’thinks.

    • KK

      Well I think it is the politicians that is the problem. They should never have the unions become what they are. But hey the unions are just a reflexion of the system down here. entitlement- entitlement- entitlement. Then again the politicians need salary increases for their outstanding (as in never got around to do the right thing) services to Cyprus and its people, the unions have excellent role models…….not!!!!

  • UandP

    fHellenic Bank – very symbolic mistake ))))

  • Eye on Cyprus

    A strike: just when they have been performing such a successful job – haven’t they?

  • peemdubya

    Which bit of “Hellenic…………said affected workers were transferred to APS in accordance to provisions of Cypriot law stipulating that workers continue to work in the case of takeovers in new units under the same terms of employment as before.” is changing the terms of employment of transferred workers? Yet again the unions have to cause unnecessary trouble.

  • Barry White

    Another resounding endorsement for:

    ‘ Invest in Cyprus, Invest in US’

  • Eye on Cyprus

    Just lie down and relax. The thoughts will flow.

  • Eye on Cyprus

    Cheers! Enjoy the sparkles! I’m off to the airport in five mins for a quick trip to the UK ✈; so I may be quiet for a few days. Time to stock up on pickled onions, steak & kidney puds, etc. I’m trusting you to fill in for me.