ECONOMY

BoC disposing of 41 properties across Greece

The Bank of Cyprus group is putting up for sale a total of 41 properties across Greece which in most cases are leased out to third parties and belong to the group’s subsidiary firm, Cyprus Leasing SA.

Nonbinding offers are expected next week, while the final, binding bids will be submitted in May.

Market officials estimate the combined value of the asset portfolio at no more than 50 million euros, but this is just an indicative sum and could differ greatly depending on the bids submitted in the tender process.

These properties had not been included in the assets transferred from the Bank of Cyprus to Piraeus Bank in 2013, when the Greek lender absorbed the local operations of the troubled Cypriot bank.

Now Bank of Cyprus is resorting to the sale of its assets abroad in order to improve its liquidity and repay its bailout loan.