KEDIPES sells €58M loan portfolio to BOCH

KEDIPES, the Cyprus Asset Management Company, has finalized the sale of a portfolio of performing and current restructured loans valued at €58.4 million as of December 31, 2022, to the Bank of Cyprus (BOCH), as announced by the company.

In a recent statement, KEDIPES highlighted that the transaction's completion will not significantly impact its income statement.

This sale aligns with KEDIPES' strategic plan, emphasizing the importance of selling loan portfolios to reduce its managed portfolio's leverage and expedite repayment of state aid received by the former Cyprus Cooperative Bank from the Republic of Cyprus in 2018.

The borrowers, guarantors, and collateral providers involved in the loans included in this transaction will be formally notified within the coming days, as per Article 19(2) of the Credit Facilities Purchase and Related Matters Law of 2015 (Law 169(I)/2015).

KEDIPES representative Tr. Kyprou welcomed this action as an essential step in strengthening its loan portfolio. She pointed out the company's commitment to expanding its market share, strengthening its healthy portfolio, and putting high value on shareholder rewards and customer service.