Bank of Cyprus concludes the sale of a British subsidiary – Xinhua

NICOSIA, July 10 (Xinhua) – Bank of Cyprus, the largest lender of the eastern Mediterranean island, has concluded the sale of its UK subsidiary, Bank of Cyprus UK, and Bank of Cyprus Financial Services Ltd. He added that the subsidiary was sold to Cynergy Capital Limited, a UK-based group, for a total of £ 103 million ($ 136.6 million).

The sale is subject to approval by Cypriot and British regulators.

Bank of Cyprus had previously sold its loan portfolio in the United Kingdom in 2014 at a price of 361 million euros.

The statement of the Bank of Cyprus indicates that one of the subsidiary reasons was the uncertainty over the divorce negotiations between the United Kingdom and the European Union.

Bank of Cyprus and Cynergy also agreed to sign a "cooperation agreement" to ensure continuity in the service of the bank's existing customers. Cynergy Capital is exp The Managing Director of the Bank of Cyprus, John Hourican, said that the released equity will be deployed as part of the bank's main business in the UK. Cyprus will continue to support the recovery of the Cypriot economy.