articles | 30 April 2014

BoC appoints HSBC for counsel on UK loan portfolio

The Bank of Cyprus Group has announced that it has appointed HSBC Bank to provide financial advice in relation to the disposal of a UK loan portfolio owned by the Group.

The announcement was made in relation to press articles reporting that the Group is proceeding with the sale of a real estate loan portfolio in the UK.

In a statement, the Group said that the Loan Portfolio is not related to the Group’s wholly-owned subsidiary, Bank of Cyprus UK Ltd, but is part of the wider UK loan portfolio transferred to the Group following the acquisition of certain operations of Cyprus Popular Bank Public Co Ltd in March 2013, pursuant to the relevant decrees issued by the Central Bank of Cyprus.

It specified that this action is in line with the Group’s Restructuring Plan and is part of the Group’s strategy of deleveraging through the disposal of non-core operations and of focusing on core businesses and at the same time strengthening its capital and liquidity position.

The Group also clarified that HSBC is acting as financial adviser to the Group in relation to the disposal of the Loan Portfolio and no-one else and that HSBC will not be responsible to anyone other than the Group in connection with the Loan Portfolio or for providing the protections afforded to clients of HSBC nor for providing advice in relation thereto and/or taking responsibility for the contents of this announcement.

HSBC is authorized in the United Kingdom by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Source: Famagusta Gazette

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