Wednesday November 26, 2014 Search
Weather | Athens
12o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bank of Cyprus sells Romanian hotel stake

Troubled Bank of Cyprus, the islands largest lender, said on Wednesday it has agreed to sell its stake in Romanias Marriott Bucharest Grand Hotel to an Austrian firm for 95 million euros.

The bailed-in bank said the proceeds will enhance its liquidity.

BoCs Romanian branch will sell its 35.29 percent stake in the hotels holding company to Austrian construction company Strabag.

Completion of the deal is expected by the end of September and no later than the end of October 2014, BoC said in a statement.

The proceeds of the sale will enhance the banks liquidity position, it added.

The disposal will lead to a book loss of 1 million euros but will improve the banks capital position by 7 million euros, BoC said.

The sale fits with the groups strategy of focusing on core businesses and markets and disposing of non-core operations, it said.

It is also in line with the groups decision to gradually reduce its presence in Romania and finally exit the Romanian market, the bank added.

In return for 10 billion euros in aid from international lenders, the island in March 2013 agreed to wind down its second-largest bank, Laiki, and impose losses on large depositors in BoC, its largest but undercapitalized lender.

These depositors were hit with a 47.5 percent bail-in charge as part of the restructuring package.

BoC is now trying to claw back money it lost during a period of rapid expansion.

[AFP]

ekathimerini.com , Wednesday August 20, 2014 (18:47)  
Debtors snap up offer for easier settlements
Belgium gas firm said to be eyeing DESFA
OLP approval paves way for investment in Piraeus
Airport tender exceeds expectations
Hundreds of migrants on crippled ship off Crete
Ships from Greece rushed to help after a crippled freighter crammed with hundreds of migrants floundered for hours Tuesday in gale-force winds and high waves in the Mediterranean Sea, offici...
Policemen suspected of working at Piraeus bar where shooting took place
At least three serving policemen are thought to have been working at the bar in Mikrolimano, Piraeus, where a 31-year-old man opened fire with an AK-47 early on Saturday, resulting in 15 peo...
Inside News
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
SOCCER
EPO ends soccer suspension, Super League resumes
Soccer action will resume this weekend after the Super League convened on Monday, elected a new president and alternate president and sent a letter to the soccer federation that assures it t...
Inside Sports
COMMENTARY
Beware of the fallen idols
Akis Tsochatzopoulos, a legendary figure of the Greek socialist movement, a man who came very close to taking over the party that governed the country for half of the time following the fall...
EDITORIAL
The hard truth
The coalition government must tell the truth to the Greek people, even if this entails admitting to mistakes made over the last few months. The countrys citizens are fully aware of how cruc...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Hundreds of migrants on crippled ship off Crete
2. Atletico eyes last 16 berth against Olympiakos
3. Debtors snap up offer for easier settlements
4. Belgium gas firm said to be eyeing DESFA
5. OLP approval paves way for investment in Piraeus
6. Airport tender exceeds expectations
more news
Today
This Week
1. Anastasiades to undergo heart surgery in the US on Dec 4
2. Cargo vessel carrying hundreds of migrants adrift southeast of Crete
3. Trade deficit widens by 8.7 percent during Jan-Sept period, says ELSTAT report
4. Two police officers among 9 arrested for drug trafficking
5. Fraport, Copelouzos offer highest bid for Greek regional airports
6. Stop Mediterranean becoming vast migrant cemetery, Pope tells Europe
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Give Greece a chance
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Scientists expand excavation of ancient Amphipolis
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.