Kedipes’ former Co-op assets transferred

The residual entities of the now-defunct Cyprus Cooperative Bank (CCB) have signed a deal involving the transfer of the former lender’s assets.

In a statement, Kedipes (Cyprus Asset Management Company) said it and Sedipes (Cooperative Asset Management Company) signed the agreement on October 7. The deal involves the transfer from the latter to the former, of CCB assets that had not been transferred to Hellenic Bank and were being managed by Kedipes.

The entirety of the transfer will be completed within the fourth quarter of the year, the statement added.

“The agreement is considered particularly important, as its goal among others is to complete the prior decisions of the government…as well as ensure compliance with the relevant 2018 decisions of the authorities of the Republic of Cyprus and the European Union/European Central Bank.”

As part of the process of transferring credit facilities and related collateral from Sedipes to Kedipes, the affected persons will be notified by letter.

Kedipes is a private limited liability company, a 100 per cent subsidiary of Sedipes. It began operation in September 2018.

Kedipes was established as the residual entity of the former Cyprus Cooperative Bank, whose performing assets and deposits were sold to Hellenic Bank. The government provided state aid amounting to €3.5 billion to facilitate the transaction.