Bank of Cyprus acquires loans from CDB; Q3 results set for November 5
What happened
Bank of Cyprus completed the acquisition of performing loans worth approximately €130 million and deposits of around €440 million from Cyprus Development Bank. This transaction covered substantially all of CDB’s performing loans and deposits. Separately, the group board extended the tenure of Panicos Nicolaou until December 31.
From cyprus-mail.com
Why it matters
The acquisition was completed at a price close to the book value of the transferred assets. The upcoming financial results, which will be released before trading on the Cyprus Stock Exchange and Athens Stock Exchange, are expected to increase trading interest.
From cyprus-mail.com
Who's involved
- Bank of CyprusAcquired performing loans and deposits from Cyprus Development Bank.
- Cyprus Development BankSold substantially all of its performing loans and deposits to Bank of Cyprus.
- Panicos NicolaouGroup chief executive whose tenure was extended until December 31.
- Cyprus Stock ExchangeWill host the release of Bank of Cyprus's financial results.
- Athens Stock ExchangeWill host the release of Bank of Cyprus's financial results.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Cyprus Development BankSpeculative
Could see its core asset base and funding size reduced following the sale of substantial loans and deposits.
- Bank of CyprusSpeculative
May strengthen its balance sheet through the purchase of loans and deposits from Cyprus Development Bank.
Keep exploring
The entities involved
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Bank of Cyprus
Cypriot financial services company
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Panicos Nicolaou
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