ECONOMY

Bank of Cyprus completes 361 mln euro UK loan portfolio sale

Cypriot lender Bank of Cyprus has completed the sale of a UK loan portfolio of residential and commercial real estate facilities for 361 million euros (451.29 million US dollar).

The bank said on Monday it had sold the portfolio to Mars Capital Finance Ltd and to Camael Mortgages Ltd. When it announced the deal on Sept. 18, the bank said it would be selling the portfolio for 361 million euros.

An investor relations officer at Bank of Cyprus said the amount had not changed. The bank had also earlier said the portfolio was related to its compulsory acquisition of the now-defunct Laiki Bank in March 2013.

Bank of Cyprus has been gradually deleveraging and disposing of overseas assets after it was forced to convert its own depositors’ cash into equity to recapitalise in early 2013 after heavy exposure to Greek sovereign debt write-downs.

[Reuters]