Bank of Cyprus Sells Romanian Capital

Important sectors of the statement by the Bank can be read below.

"Bank of Cyprus has signed an agreement to sell its assets related to Societatea Companiilor Hoteliere Grand S.R.L. ("GHES"), a limited liability company incorporated in Romania and owner of the JW Marriott Bucharest Grand Hotel to STRABAG SE, an Austrian stock company".

The Bank added, "The sale consideration is €95 million, subject to adjustments to be made upon completion of the agreement which is estimated to take place by the end of September and in any case no later than the end of October 2014" the lender said, noting that "the sale achieves an exit from a sizeable and specialized asset in Romania, while at the same time enhances liquidity by €95 million."

The Bank of Cyprus further commented, "The sale falls under the Group's strategy of focusing on core businesses and markets and disposing operations that are considered as non-core and is being implemented as anticipated by the Restructuring Plan. It is also in line with the Group's decision to gradually reduce its presence in Romania and to finally exit the Romanian market", as reported by Parikiaki.