The Cyprus Asset Management Company (KEDIPES) announced on Thursday the completion of a performing and restructured loan portfolio sale to Bank of Cyprus Public Company Limited, with a total gross book value at 31 December, 2022 of €58.4 million.

According to a statement issued by KEDIPES, the transaction has no significant impact on the company's income statement and is part of the implementation of its strategy, which includes loan portfolio sales as an important tool to deleverage the portfolio it manages and maximise the repayment of the state aid received by the former Cyprus Cooperative Bank Ltd from the Republic of Cyprus in 2018 as soon as possible.

It is further noted that the involved borrowers, guarantors and collateral providers included in the transaction will be informed thereof within the next few days via letters pursuant to Section 19(2) of the Sale of Credit Facilities and Related Matters Laws of 2015 (Law 169(I)/2015).