BOC agrees to sell UK unit to Cynergy Capital

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BOC agrees to sell UK unit to Cynergy Capital
 © BusinessMail 2018
By Stelios Orphanides

Bank of Cyprus, the island’s largest lender, said that it agreed to sell its subsidiary, Bank of Cyprus UK, to Cynergy Capital Limited, a UK-based group, for a total of GBP103m (€116.6m).

The sale, subject to approval by Cypriot and British regulators, is expected to be completed by the end of the year, Bank of Cyprus said in an emailed statement on Tuesday. The agreed price is also subject to customary adjustments and payable in cash, half of which is deferred 24 months after the completion of the deal “without any performance conditions...


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BOC agrees to sell UK unit to Cynergy Capital


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