A portfolio of serviced and current restructured loans was transferred to the Bank of Cyprus from KEDIPES. According to an announcement by the Bank of Cyprus, as of December 31, 2022, the portfolio has a total gross book value of €58.4 million.

"As the largest bank in Cyprus, we continue our strategy to strengthen our healthy portfolio and increase our market share, always focusing on providing the best service to our customers and rewarding our shareholders," the Bank of Cyprus concludes in its announcement.

The Cyprus Asset Management Company (KEDIPES) announced on Thursday the completion of a portfolio sale of serviced and restructured loans with a total gross book value of €58.4 million as of December 31, 2022, to the Bank of Cyprus Public Company Limited.

As stated in the announcement, this transaction does not significantly impact the company's income statement and is part of KEDIPES's strategy implementation. This strategy includes loan portfolio sales as a key tool for deleveraging the managed portfolio and maximizing the repayment of state aid received by the former Cooperative Bank of Cyprus Ltd from the Republic of Cyprus in 2018, as soon as possible.

It is also noted that the involved borrowers, guarantors, and loan security providers included in this transaction will be informed in the coming days through letters in accordance with Article 19(2) of the Credit Facilities Transfer and Related Matters Law of 2015 (Law 169(I)/2015).