Norwegian Central Bank Acquires Stake In Bank Of Cyprus

Norges Bank Investment Management (NBIM), a fund controlled by the Central Bank of Norway, is the buyer of several share packages of Bank of Cyprus that have been transferring since last Thursday, according to reliable information. 

The same sources note that NBIM has acquired a stake of 1.1% of the bank. 

NBIM is valued at €385 billion and is one of the largest investment funds in Europe. It invests primarily in the banking sector and holds stakes in ATEbank (0.37%), Alpha Bank (1.94%), Eurobank (1.54%), Marfin Popular Bank (1.31%) and National Bank (1.47%).

The Central Bank of Norway had proceeded with the establishment of asset management sector in order to manage assets of government pension funds and foreign exchange reserves. Its main principle is to invest only abroad in order to avoid “overheating” Norwegian economy and shield it from turbulences in international oil prices.