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Cyprus: KEDIPES sold to Altamira 49% of its shares for €4.5m

The state-owned Cyprus Asset Management Company, KEDIPES, announced the sale of 49% of the share capital of Altamira Asset Management (Cyprus), implementing the commitments made by the Republic of Cyprus to the European Commission.

The sale price was agreed at € 4.5 million. For the completion of the sale of the shares, the approval of the Competition Protection Committee is required.

The Cooperative Bank of Cyprus held a 49% stake in the Altamira Asset Management Cyprus consortium, with the share transferred to KEDIPES following the agreement to sell part of the former Central Cooperative Bank ‘s operations to Hellenic Bank.

Reportedly, the valuation of 49% was made by Deloitte Cyprus, and the amount of € 4.5 million was approved by both parties, while this amount was also evaluated by the monitoring agent (Baker Tilly).

The next phase is the renegotiation of the terms of the agreement between KEDIPES and Altamira about KEDIPES’ management of the portfolio of NPLs and real estate. In case the two sides do not agree, a new tender will be announced for the servicer of KEDIPES’ assets.

At the end of 2019, KEDIPES’ loan portfolio amounted to €7.2 bn, of which NPLs amounted to €6.7 bn. KEDIPES has already paid €120 m to the state in two equal payments in October and December 2019, while payments will be made on a quarterly basis.

Original Source: KEDIPES

Adaptation-Summary: Kiki Athanasiadis

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