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Piraeus Bank Purchases Bank of Cyprus Loans

Today, the Bank of Cyprus announced the selling of Serbian Robne Kuce Beograd real estate loans to Greece's Piraeus Bank.

The transaction supports gradual retrenching and leveraging, regarding the international enlargement by the Cypriot financial institution, after it was required to adjust abundant deposits to equity and recapitalize in 2013. For over a year, the Bank's shares have been postponed from equity trading.

In March 2013, the Bank of Cyprus sold the loans to Piraeus Bank and announced that the purchasing figure was about 165 million euros. The accounting gain from the deal was determined at 27 million dollars, amounting to a 46 million euro positive effect; 0.2% of the institution's Tier 1 capital ratio.

The Bank of Cyprus was required to consume various assets of the former Laiki Bank, regarding the island's 10 billion euro international bailout mandates. The Serbian Robne Kuce Beograd real estate loans were in relation to the global financial assistance plan's protocols.

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