The decision to set up a new unit, 51-per-cent owned by the Spanish financial corporation and 49-per-cent by the Co-op, was taken on Monday at an extraordinary general meeting in Nicosia, the lender said in an emailed statement. In addition to managing €7.2bn in non-performing loans, the new unit will also be responsible for the management of real property in the...
The state-owned Cooperative Central Bank said that it entered an agreement with Spain’s Altamira Asset Management SS to set up a joint unit to which the lender will outsource the management of its delinquent portfolio.
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