Cyprus Mail
Business Cyprus

BoC completes sale of UK loan portfolio

Bank of Cyprus (BoC) said on Monday it 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 Limited.

The nominal value of thetransaction, 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.

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