articles | 23 August 2018

BoC negotiating sale of €3bn in bad loans

Investment company Apollo Global Management is the preferred bidder to buy a non-performing loan portfolio worth some €3bn from Bank of Cyprus, reports said.

According to Bloomberg, which cited unnamed sources, Apollo and BoC were in talks in London to finalise the details of the sale.

Neither side commented on the matter.

At the end of the first quarter of 2018, BoC’s NPE ratio was 45% while coverage reached 51%, well above the EU average of 44%.

The lender said it had reduced its NPE’s by 44% since December 2014.

Source: Cyprus Mail

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