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BoC appoints administrator at A&S Stephanides as NPLs mount

Bank of Cyprus

Bank of Cyprus has taken over the administration of jewellery and luxury goods trader company A&S Stephanides Trading Ltd as the company is unable to service its debt of €60m, a source said.

Bank of Cyprus already appointed a special administrator who is expected to liquidate the company’s assets, the source with knowledge of the situation said.

Stephanides was the Cyprus representative of various recognisable brands of luxury goods including Gucci, Rolex, Mikimoto and others.

The company, which is not to be confused with jeweller G. Stephanides Son & Co, was immediately unavailable for a comment.

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