Coop bank’s bad loans to be managed by Altamira

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Coop bank’s bad loans to be managed by Altamira
 © In-Cyprus 2018
Cyprus Cooperative Bank and Altamira Asset Management are to set up a joint venture for the management of the lender’s NPEs (€7.2 billion) and real-estate (€0.4 billion) owned assets, according to an e-mailed statement from the CCB.

The statement in full reads:

“Following an EGM, Cyprus Cooperative Bank (CCB) (Moody’s Caa2) announces the approval of the agreement with Altamira Asset Management SA for the setup of a Joint Venture to act as the servicer for the management of the Bank’s NPEs and Real Estate Owned (REO) assets.

CCB is a dynamic bank active in the domestic market with total assets of €14,1 billion and 2.668 employees. Established in Cyprus in 1937, the Bank expanded through organic growth to become a leading force in the Cypriot banking sector. CCB is regulated by the Central Bank of Cyprus (CBC) and being one of the systemic banks of the island, it is supervised directly by the European Central Bank (ECB). CCB’s ownership structure comprises of the...


Coop bank’s bad loans to be managed by Altamira


The contents of this article including any associated images are © In-Cyprus 2018
Views & opinions expressed in this article are those of the author and/or In-Cyprus .

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