Sale of Bank of Cyprus UK is credit positive, Moody’s says

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Sale of Bank of Cyprus UK is credit positive,...
 © Parikiaki 2018
Rating Agency, Moody’s, has described the sale of Bank of Cyprus subsidiary, Bank of Cyprus UK, as credit positive, noting that the sale would place Bank of Cyprus in better position to focus on reducing its domestic high stock of problems loans.

Bank of Cyprus announced last Tuesday it signed a binding agreement to sell Bank of Cyprus UK to Cyenergy Capital Limited, owned by a consortium of UK-based investors, a sale for a consideration of €117 million and a profit of €3 million. The sale is expected to increase Bank of Cyprus’ CET1 Capital by around 65 basis points to...


This article was automatically added to our system 16-7-2018

Sale of Bank of Cyprus UK is credit positive, Moody’s says


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