Hellenic Bank, APS agreed to set up NPL, asset management unit

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Hellenic Bank, APS agreed to set up NPL, asset...
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By Stelios Orphanides

Hellenic Bank, Cyprus’s third largest lender, said that it signed an agreement with APS Holding s.a. to set up APS Recovery Cyprus Ltd that will manage the bank’s loans in arrears and its real estate assets.

APS Holdings will own a 51 per cent stake in the new unit while Hellenic will own the rest, the bank said in an emailed statement on Wednesday. The two sides signed the agreement, subject to regulatory approval, on Tuesday. If approved, the deal is expected to enter into force in the first quarter of the year.

“The operations of the current arrears management...


Hellenic Bank, APS agreed to set up NPL, asset management unit


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