CSE (BOCH/ΤΡΚΗ) 1.480 0.020
Last updated 17:19
LSE (BOCH) 1.500 0.030
Last updated 18:35

Bank of Cyprus agrees the sale of a portfolio of non-performing loans

Bank of Cyprus agrees the sale of a portfolio of non-performing loans

Bank of Cyprus Public Company Ltd (the “Bank”) has entered into an agreement with APS Delta s.r.o, to sell a non-performing loan portfolio of primarily retail unsecured exposures (the “Portfolio”) with a contractual balance of €245mn and gross book value of €34mn as at 30 September 2018 (the “Transaction”).

APS Delta s.r.o is a wholly owned subsidiary of APS Capital Group s.r.o., a company registered in Czech Republic which specialises in the investment, management and recovery of loan portfolios across Central and South-Eastern Europe.

The Transaction is part of the Bank’s strategy to reduce its stock of non-performing loans and has been conducted at arm’s length. Furthermore, the Transaction is consistent with European Central Bank guidelines regarding the management of non-performing loans.

The portfolio comprises of 9,700 heavily delinquent borrowers, including 8,800 private individuals and 900 small-to-medium-sized enterprises.

The Transaction is expected to be Profit and Loss and capital neutral. The Transaction is subject to satisfaction of the required procedures under applicable law and necessary approvals from the appropriate regulatory authorities and is expected to be completed in the second quarter of 2019.

 

Bank of Cyprus uses cookies on this website aiming to improve your online experience. To accept cookies continue browsing as normal.