Bank of Cyprus Is Finally Selling off its Non-Performing Loans

Bank of Cyprus recently sold non-performing loans in the amount of EUR €33.7 million to APS’s troubled debt manager, which also serves Hellenic Bank’s bad debt portfolio.

According to the Cyprus News Agency, known as Velocity, the project concerns loans with a nominal value of 245 million Euros, whose net worth is EUR €33.7 million after BoC wrote off about 86%.

This is the second transaction for the sale of non-performing loans, concluded by BoC after Helix, which dealt with loan transactions in the amount of EUR €2.8 billion, of which €2.7 billion is classified as being non-performing.