Bank of Cyprus completes sale of UK loan portfolio

Bank of Cyprus (BoC) has completed the sale of a UK loan portfolio largely composed of residential and commercial real estate-backed facilities to Mars Capital Finance Limited, a mortgage lender and administrator regulated by the Financial Conduct Authority of the UK, and to Camael Mortgages Ltd.

The nominal value of the transaction, was €361 million (£289 million), BoC said in September.

BoC expects the transaction to enhance the Group’s liquidity and will have a small positive impact on the Group’s Common Equity Tier 1 capital due to the release of risk-weighted assets.

The sale is in line with the Group’s restructuring plan and the strategy of deleveraging through the disposal of non-core operations and of focusing on core businesses while, at the same time, strengthening its capital and liquidity position.

Source: Cyprus Mail

Cyprus Profile

articles | 03 November 2014