The Cyprus Asset Management Company announced the completion of the portfolio sale
58.4 million euros of KEDIPES “green” loans are successfully transferred to the Bank of Cyprus, a process that was announced towards the end of 2023.
The Cyprus Asset Management Company “KEDIPES” announced the completion of the sale of a portfolio of serviced and current restructured loans with a total gross book value as of 12/31/2022 of 58.4 million euros to the Bank of Cyprus. According to KEDIPES, the transaction has no significant impact on its income statement.
It is noted that the involved borrowers, guarantors and collateral providers of the loans included in the Transaction, will be informed about this within the next few days through letters in accordance with article 19(2) of the 2015 Law on the Purchase and Sale of Credit Facilities and Related Matters (L. 169(Ι)/2015).
The Transaction is part of the implementation of the KEDIPES strategy which includes loan portfolio sales as an important tool to deleverage the portfolio it manages and maximize the repayment of the state aid received by the former Cyprus Cooperative Bank from the Republic of Cyprus in 2018 as soon as possible.
