Bank of Cyprus

Cypriot lender Bank of Cyprus has completed the sale of a UK loan portfolio of residential and commercial real estate facilities for 361 million euros (451.29 million US dollar).

Results of stress tests on Cyprus’s banking sector have shown a re-establishment of stability in the banking sector, and could expedite the complete lifting of capital controls, Finance Minister Harris Georgiades (photo) said.

“It won’t be tomorrow but we shall commence the process of lifting the very last restrictions soon, in a gradual and staged manner,” Georgiades told Reuters.

Former Deutsche Bank CEO Josef Ackermann has been nominated as chairman of Bank of Cyprus, its US-based investors Wilbur Ross and Tyrus Capital said on Monday.

The European Bank for Reconstruction and Development is already eyeing fresh deals in Cyprus’s banking sector and is planning to install at least one independent director on the board of its first investment in the country, Bank of Cyprus.

Bank of Cyprus has agreed to sell a UK loan portfolio to Mars Capital Finance and Camael Mortgages for 361 million euros, it said on Thursday.

The loan portfolio is largely composed of residential and commercial real estate-backed facilities, Bank of Cyprus said in a statement.

[Reuters]

Cypriot lender Bank of Cyprus has agreed to sell a UK loan portfolio to Mars Capital Finance and Camael Mortgages for 361 million euros ($465 million), it said on Thursday.

The loan portfolio is largely composed of residential and commercial real estate-backed facilities, Bank of Cyprus said in a statement.

Cyber crime police on Cyprus were investigating a case on Friday involving a malicious text message announcing that there would be a new haircut on bank deposits in the island-nation.

The ostensible author of the text, Dimitra Kalogirou, chief of the Cyprus Securities and Exchange Commission, denied sending the SMS and alerted authorities.

Bank of Cyprus, the Cypriot lender which recapitalized last year using depositors’ savings, said late on Monday it expected its shares to relist on the Cypriot and Athens stock exchanges by the end of October.

[Reuters]

Shareholders of Bank of Cyprus, which recapitalized by seizing clients' deposits in 2013, on Thursday approved plans for a 1 billion euro capital issue ahead of EU-wide stress tests later this year.

Troubled Bank of Cyprus, the island’s largest lender, said on Wednesday it has agreed to sell its stake in Romania’s Marriott Bucharest Grand Hotel to an Austrian firm for 95 million euros.

The bailed-in bank said the proceeds will enhance its liquidity.