Coop bank’s bad loans to be managed by Altamira

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Coop bank’s bad loans to be managed by Altamira
 © CyprusWeekly 2017
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...


Coop bank’s bad loans to be managed by Altamira


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