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The Cyprus Asset Management Company (KEDIPES) announced Thursday the successful completion of a sale of performing and restructured loan portfolios to Bank of Cyprus Public Company Limited, with a combined gross book value of €58.4 million as of December 31, 2022.
In a statement, KEDIPES highlighted that the transaction's impact on its income statement is not considered significant. This sale aligns with the company's strategic approach, utilizing loan portfolio sales as a key method to reduce its managed portfolio's leverage and expedite repayment of state aid provided by the Republic of Cyprus to the former Cyprus Cooperative Bank Ltd in 2018.
Borrowers, guarantors, and collateral providers involved in the transaction will receive notifications in the coming days, as stipulated by Section 19(2) of the Sale of Credit Facilities and Related Matters Laws of 2015 (Law 169(I)/2015).
[Information sourced from CNA]
