Local
articles | 04 June 2019

BoC Holdings to sell stake in NP Cyprus Insurance to CNP Assurances

Bank of Cyprus Holdings agreed to sell its entire 49.9% stake in its associate CNP Cyprus Insurance Holdings to CNP Assurances for €97.5m.

The company stake in CNP Cyprus Insurance Holdings had been acquired as part of the acquisition of certain operations of Laiki Bank in 2013.

CNP Assurances, who currently owned the remaining 50.1% and was the controlling party, agreed to €97.5m in cash on completion.

The sale, subject to regulatory approvals, was expected to be completed in the second half of 2019.

The sale would enable the group to focus on its core assets and was in line with the group's strategy of delivering value for shareholders. The group would continue to offer insurance services through its wholly owned insurance subsidiaries, the company added.

On completion, the sale was expected to have a positive impact of about 30 basis points on both the Group's core equity tier 1 ratio and total capital ratio.

Source: Stock Market Wire

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