Bank of Cyprus Holdings PLC Update on Project Helix (3441T)
March 19 2019 - 11:16AM
UK Regulatory
TIDMBOCH
RNS Number : 3441T
Bank of Cyprus Holdings PLC
19 March 2019
Announcement
Update on Project Helix - Agreement for the sale of a portfolio
of non-performing loans
Nicosia, 19 March 2019
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014
Further to the announcement of 28 August 2018(1) in relation to
the agreement for the sale of a portfolio of non-performing loans,
known as "Project Helix", or the "Transaction", Bank of Cyprus
Holdings Public Limited Company ("BOCH" and, together with its
subsidiaries, the "Group") announces that it has received approval
from the ECB for the Significant Risk Transfer ("SRT") benefit from
the Transaction.
This is an important step towards completion of the Transaction,
which remains subject to various outstanding conditions
precedent(1) . Completion is currently expected to occur in early
2Q2019.
As previously reported, the Transaction reduces the Group's
non-performing exposures (NPEs) by EUR2.7 bn and improves the NPE
ratio from 47% to 36%(3) . The NPE provisioning coverage ratio pro
forma for the Transaction stands at 47%(3) .
On completion, the derecognition of the Helix portfolio is
expected to have a positive impact on the capital ratios of 160
basis points(2) , resulting from the release of risk weighted
assets.
As at 31 December 2018, as previously reported, the Group's
phased-in CET1 ratio and Total capital ratio, pro forma for both
DTC(2) and Helix, stood at 15.4% and 18.3% respectively.
For further information, please contact Investor Relations at
investors@bankofcyprus.com.
[1] Further to the announcement of 28 August 2018 and updates
provided with the publication of the Group financial results for
the nine months ended 30 September 2018 and the preliminary Group
financial results for the year ended 31 December 2018
2 Refer to slide 36 of the presentation for the preliminary
Group financial results for the year ended 31 December 2018
published on 4 March 2019
3 Based on the preliminary Group financial results for the year
ended 31 December 2018
4 DTC refers to the amendments in the legislation adopted by the
Cyprus Parliament on 1 March 2019 and was published on the Official
Gazette of the Republic on 15 March 2019
Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 112 branches in Cyprus. Bank of
Cyprus also has representative offices in Russia, Ukraine and
China. The Bank of Cyprus Group employs 4,146 staff worldwide. At
31 December 2018, the Group's Total Assets amounted to EUR22.1 bn
and Total Equity was EUR2.4 bn. The Bank of Cyprus Group comprises
Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank
of Cyprus Public Company Limited and its subsidiaries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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