[ad_1]
The Bank of Cyprus will sell its UK business to investors Cynergy Capital in connection with a £ 103 million transaction announced today 39th
.
Subject to the approval of the regulatory authorities, the transaction is expected to be completed by the end of 2018.
The Bank of Cyprus stated that the sale would allow it to focus on its operations in Cyprus.
John Patrick Hourican, Chief Executive Officer, Group A stated: "The transaction will further simplify the Group and provide good value to shareholders.
" The realized equity will be deployed as part of our core business in Cyprus to continue to support the recovery of the Cypriot economy. "[19659004AccordingtoMHouricanbrillishbranchnowadaystogethertoCynergy
He adds:" The transaction will allow the UK bank to grow faster, thus achieving the ambition of this activity with new partners. "We are delighted with the cooperation agreement that provides for a strong connectivity channel after Brexit and in the future, and that will support the group's UK banking requirements as well as business benefits." for both organizations Nick Fahy, managing director of Bank of Cyprus UK, said: "This is a positive development for the UK bank."
"The sale to Cynergy will allow us to focus on growing of our franchise through an enterprising company. Bal Sohal, CEO of Cynergy added, "We have actively sought to invest in the UK banking sector, where we see significant opportunities for growth and growth to better meet the needs of small businesses in the UK, including including those of the Cypriot community.
"Cynergy will focus on the sustainable growth of the UK bank."
"We plan to support the existing management team with the strategy that we have. he has for the bank and is committed to investing new capital to develop the business in the years to come. "
[ad_2]
Source link
