Bank of Cyprus Holdings PLC Further re (Completion of Project Helix) (8744D)
June 28 2019 - 9:13AM
UK Regulatory
TIDMBOCH
RNS Number : 8744D
Bank of Cyprus Holdings PLC
28 June 2019
Announcement
Completion of Project Helix - Sale of a portfolio of
non-performing loans
Nicosia, 28 June 2019
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings"
and, together with its subsidiaries, the "Group") is pleased to
announce the completion of Project Helix.
Project Helix (the "Transaction") refers to the sale of a
portfolio of loans with a gross book value of EUR2.8 bn (of which
EUR2.7 bn related to non-performing loans) (the "Portfolio")
secured by real estate collateral to certain funds affiliated with
Apollo Global Management LLC, the agreement for which was announced
on 28 August 2018.
Cash consideration of c.EUR1.2 bn was received on completion,
reflecting adjustments resulting from, inter alia, loan repayments
received on the Portfolio since the reference date of 31 March
2018.
Overall, the Transaction is capital accretive, with a net
positive impact on the Group capital ratios of c.70 bps(1) . At the
end of 1Q2019, the Group's CET1 ratio and total capital ratio stood
at 14.9% and 17.9% respectively, both pro forma for Project
Helix.
The participation of the Bank of Cyprus Public Company Limited
(the "Bank") in the senior debt in relation to financing the
Transaction has been syndicated down from the initial level of
EUR450 mn to c.EUR45 mn, representing c.4% of the total acquisition
funding.
The Group remains focused on continuing to improve its asset
quality position and to seek solutions, both organic and inorganic,
to make the Bank a stronger and safer institution, capable of
supporting the local economy.
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
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
FURFPMJTMBBTBBL
(END) Dow Jones Newswires
June 28, 2019 09:13 ET (13:13 GMT)
Bank Of Cyprus Holdings ... (LSE:BOCH)
Historical Stock Chart
From Apr 2024 to May 2024
Bank Of Cyprus Holdings ... (LSE:BOCH)
Historical Stock Chart
From May 2023 to May 2024
