Cyprus Mail

BoC completes Kermia sale

The Bank of Cyprus (BoC) on Monday announced the completion of the sale of Kermia Hotels Ltd and adjacent land for €26.5mln.

The seller is Kermia Ltd, a wholly owned BoC subsidiary, and the purchaser is Aesara Investment Ltd, a company controlled by Vasilis Nicolaides and Demetris Nicolaides, shareholders in Atlantica Leisure Group Ltd.

The transaction has resulted in a net profit after tax of approximately €2mln, BoC said, and a net capital benefit of approximately €18mln, as a result of the current capital treatment of the assets.

The Group’s Common Equity Tier 1 (CET1) ratio improved by 0.1 percentage points.

The sale is in line with the Group’s strategy of deleveraging through the disposal of non-core exposures and of focusing on core businesses, while at the same time, strengthening its capital position.

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