The Cyprus Commission for the Protection of Competition announced on Friday that it had received a merger notification concerning the acquisition of a portfolio of non-performing loans from Alpha Bank Cyprus Limited.

According to the announcement by the service of the Commission for the Protection of Competition, the buyer is Cerberus Capital Management L.P., acting through Delta Credit Purchaser Limited.

The transaction concerns the acquisition of a portfolio of non-performing loans and related collateral and facilities, which are currently held by Alpha Bank Cyprus Limited.

The notification was submitted in relation to a concentration under competition law, triggering a review by the competition authority.

Cerberus Capital Management L.P. is registered with the United States Securities and Exchange Commission.

The firm operates as an investment adviser, with activities focused on investments in real estate and personal property.

The acquisition is being carried out through Delta Credit Purchaser Limited, which was formerly known as Delta CAC Limited.

Delta Credit Purchaser Limited is a licensed credit acquiring company registered under the laws of the Republic of Cyprus.

The company was established by Promontoria Holding 458 B.V., which is affiliated with Cerberus Capital Management L.P.

Its stated purpose is the acquisition of loan portfolios, including portfolios from the Bank of Cyprus and Alpha Bank.

In the current transaction, the target is a specific portfolio of non-performing loans of Alpha Bank Cyprus Limited, together with associated collateral and credit facilities.

The loan portfolio includes exposures granted in the past to commercial corporate borrowers, according to the announcement.

It also includes loans extended to retail borrowers for residential purposes, covering the household segment.

The transaction forms part of ongoing activity in the Cyprus market for distressed loan portfolios, which has seen continued interest from international investment groups.

The Commission for the Protection of Competition will now examine the notified concentration in line with the applicable legal framework.