[ad_1]
The Bank of Cyprus has agreed to sell its British banking business to a consortium of investors under an agreement of £ 103 million
The cash sale, which will end at By the end of the year, refocus its efforts on the Cypriot economy.
The lender was bailed out in 2013 by European authorities but has since recovered under the direction of John Hourican, former boss of the Royal Bank of Scotland investment bank, London Stock Exchange.
Hourican declared that the equity released by the sale will be redeployed in its Cypriot operations. The bank will realize a book profit of € 3m (£ 2.7m) on the sale, she says today.
Read more : A step forward: the float of the Bank of Cyprus paves the way for a capital increase
The British operation will be renamed Cynergy Bank, the new owners signing a cooperation agreement to continue serving existing customers in the UK.
The UK bank currently has approximately 70,000 retail clients and 5,000 corporate clients, mainly based in London and the South East. Bal Sohal, one of the consortium's leaders, said that investors "see significant growth opportunities and better meet the needs of businesses."
Nick Fahy, CEO of BOC UK, said the sale was "a positive development for the British bank"
"Sale to Cynergy will allow us to"
HSBC acted as financial advisor and Norton Rose Fulbright as legal counsel to Bank of Cyprus in connection with the transaction. PwC Acted as Financial Advisor and Eversheds Sutherland as Cynergy's Legal Advisor
The shares of the Bank of Cyprus have fallen by 1.2 percent in commerce today.
: Key to Canceling Cyprus Bonds
Source link
