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Bank of Cyprus to sell additional portfolio of non performing loans to PIMCO
StockMarketWire.com
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Bank of Cyprus said it had reached agreement with funds affiliated with Pacific Investment Management Company, to sell an additional portfolio of non performing loans with a gross book value of €545 million.
'Portfolio B had a contractual balance of €783 million and comprises c.16,000 loans, mainly to retail and SME clients, secured over c.4,000 real estate collaterals,' the company said.
The net book value of the assets being sold amounted to €244 million and sale reduced the stock of NPEs by 22%, the company said.
'Upon the payment of the deferred consideration and without taking account of any positive impact from the earnout, the Transaction is expected to have a 14 bps1 positive capital impact on the group's CET1 ratio,' it added.
At 8:46am: (LON:BOCH) Bank Of Cyprus Holdings share price was 0p at 0.55p
Story provided by StockMarketWire.com
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