Cyprus Mail
Business Cyprus

Kedipes generates €101 million

The state-owned Cyprus Asset Management Company (Kedipes), which was established following the sale of the former Cyprus Cooperative Bank to Hellenic Bank, generated an income of over €101 million in its first four months of operation, it announced on Tuesday.

Kedipes was established as a 100 per cent subsidiary of the Coop bank to manage the non-performing loans, real estate and other assets amounting to €8.2 billion that were not part of the transfer to Hellenic Bank, among which were non-performing loans amounting to €7.4 billion.

By 31 December, 2018, Kedipes generated a total of €101.3m from the management of the assets, it said on Tuesday.

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