Bank of Cyprus to initiate foreclosure procedures

Bank of Cyprus will be likely the first lender in Cyprus to seek to foreclose collateralised real property in more than two dozen cases concerning non-performing loans worth around €85m as the relevant legislation comes into force.

“There are about 25 cases, all of them dating back to 2013 or earlier, for which a court decision has already been issued,” the source who spoke on condition of anonymity said today. “In five days, bailiffs will start notifying both borrowers as well as guarantors that the foreclosure procedure will be initiated”.

The affected properties include “commercial properties and land” and no case of a primary home, the source at Bank of Cyprus, the largest lender on the island, said. The source added that the foreclosures are expected to take place in the first days of September 2015.

Hellenic Bank, Cyprus’ second largest, is expected to initiate foreclosure procedures in September, CyBC reported without citing its source.

Source: Cyprus Mail

Cyprus Profile

articles | 18 August 2015