Kedipes makes largest ever payment to the state

The board of directors of state-owned asset management company Kedipes this week decided to make the largest quarterly cash payment to the state since its establishment in 2018, amounting to €140 million, for the first quarter of 2024.

According to an announcement by the Kedipes, this decision falls within the framework of repaying the state aid received by the former Cooperative Cyprus Bank.

What is more, the announcement noted that the payment amount “is mainly due to the recent completion of the sale of loan portfolios to the Bank of Cyprus, with a total gross accounting value as of December 31, 2022, amounting to €58.4 million”.

Upon confirming the loan portfolio sale, the Bank of Cyprus said that the transfer represents “a significant move for the bank towards increasing its loan portfolio”.

“As the largest bank,” a BoC announcement added, “it continues its strategy to strengthen its healthy portfolio and enhance its market share, always with the aim of better serving its customers and rewarding its shareholders”.

Meanwhile, Kedipes has stated that the total amount of the cash repayment against state aid now stands at €1.3 billion.

Finally, the company reported that it continues to maintain a cash reserve of €60 million for the purpose of financing the ‘Mortgage to Rent’ scheme, of which it is the implementing body.