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KEDIPES sells €58.4m performing loan portfolio to Bank of Cyprus

15:18 - 14 March 2024

Financial Services

The Cyprus Asset Management Company (KEDIPES) announced that it has completed the sale of a performing and restructured loan portfolio to Bank of Cyprus Public Company Limited, with a total gross book value of €58.4 million on 31 December, 2022.

According to a statement issued by KEDIPES, the transaction has no significant impact on the company's income statement and is part of the implementation of its strategy, which includes loan portfolio sales as an important tool to deleverage the portfolio it manages and maximise the repayment of the state aid received by the former Cyprus Cooperative Bank Ltd from the Republic of Cyprus in 2018 as soon as possible.

It is further noted that the involved borrowers, guarantors and collateral providers included in the transaction will be informed thereof within the next few days via letters pursuant to Section 19(2) of the Sale of Credit Facilities and Related Matters Laws of 2015 (Law 169(I)/2015).

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