Bank of Cyprus Holdings PLC Agreement for the sale of investment in CNP Cyprus (0481B)
June 04 2019 - 2:30AM
UK Regulatory
TIDMBOCH
RNS Number : 0481B
Bank of Cyprus Holdings PLC
04 June 2019
Announcement
Agreement for the sale of investment in CNP Cyprus Insurance
Holdings Ltd
Nicosia, 4 June 2019
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014.
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings"
and, together with its subsidiaries, the "Group") announces that it
has signed a binding agreement to sell its entire shareholding of
49.9% in its associate CNP Cyprus Insurance Holdings Limited ("CNP
CIH") that had been acquired as part of the acquisition of certain
operations of Laiki Bank in 2013, to CNP Assurances S. A. (the
"Buyer"), who currently owns the remaining 50.1% and is the
controlling party. The sale is subject to regulatory approvals and
is expected to be completed in the second half of 2019.
The sale consideration of EUR97.5 mn is payable in cash on
completion.
On completion, the sale is expected to have a positive impact of
c.30 bps(1) on both the Group's CET1 ratio and Total Capital ratio.
The carrying value of the Group's investment in CNP CIH was EUR119
mn as at 31 March 2019. The accounting loss from the sale is
estimated at c.EUR22 mn(1) .
The sale enables the Group to focus on its core assets and is in
line with the Group's strategy of delivering value for
shareholders. The Group will continue to offer insurance services
through its wholly owned insurance subsidiaries.
As required by the Cyprus Stock Exchange and according to
paragraph 5.2.1.17(7) of the Decision of the Council of the CSE
Concerning the CSE Market 379/2014 (as amended), the transaction is
at arm's length, it does not relate to or affect the interests of
the Company's Secretary or of any "designated person" in accordance
with the meaning given to the aforementioned term in article 137(3)
of the Cyprus Securities and Stock Exchange Law 14(I)/1993 (as
amended).
Notes to the editor
CNP CIH is the parent company of a group of insurance companies
in Cyprus and Greece. Specifically, CNP CIH is 100% shareholder in
CNP Zois S.A. which offers life insurance services in Greece, CNP
Asfalistiki Limited, which offers general insurance services in
Cyprus, CNP Cyprialife Limited, which offers life insurance
services in Cyprus and CNP Cyprus Properties Limited, an investment
holding company in Cyprus.
For further information, please contact Investor Relations at
investors@bankofcyprus.com.
(1) Based on the Group financial results for the quarter ended
31 March 2019, pro forma for the sale of a portfolio of loans of
EUR2.8 bn, known as Project Helix.
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 108 branches in Cyprus. Bank of
Cyprus also has representative offices in Russia, Ukraine and
China. The Bank of Cyprus Group employs 4,156 staff worldwide. At
31 March 2019, the Group's Total Assets amounted to EUR21.7 bn and
Total Equity was EUR2.5 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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