The Cyprus Asset Management Company Ltd (KEDIPES) has succeeded in concluding an agreement with the Bank of Cyprus, under which it sold an impressive volume of serviced and topically restructured loans.
In particular, loans worth €58.4 million (as of the reporting date - December 31, 2022) were transferred to the portfolio of the largest financial institution in Cyprus.
KEDIPES said that this transaction is part of its strategic plans to sell loan portfolios as an important tool for deleveraging. Namely, the reimbursement of the state aid granted by the Cypriot government to the Cooperative Bank in 2018.
By the way, to date, the company has repaid to the state the amount of €1.16 billion. KEDIPES emphasized that the borrowers, guarantors and insurance companies that transferred under the agreement to the Bank of Cyprus were notified in writing of the intention to sell their loans.
For its part, the Bank of Cyprus said that the transfer of serviced and topically restructured loans represents "a significant step for the bank towards increasing its loan portfolio".
As the largest bank in Cyprus, we continue to pursue our strategy of strengthening our loan portfolio and increasing our market share. At the same time, we focus on improving our customer service and rewarding our shareholders," Bank of Cyprus emphasized.