BOC to outsource some bad debt to Australia’s Pepper

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BOC to outsource some bad debt to Australia’s...
 © BusinessMail 2017
By Stelios Orphanides

Bank of Cyprus said on Friday it will outsource the management of up to €800 million in non-performing loans to Australia’s Pepper Europe (UK) Ltd as part of a ‘strategically important’ agreement after it got the go-ahead from its board of directors and its workers’ union, Etyk.

The lender, which pioneered in the fight against non-performing loans in 2013 by setting up an internal restructurings and recoveries department, said that the agreement with Pepper will help resolve bad loans, extended small and medium-size enterprises (SME) and retail...


BOC to outsource some bad debt to Australia’s Pepper


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