According to the Cyprus News Agency, citing bank sources , the benefit for BoC would be €6m from the reversal of provisions and there will not be any impact on the lender’s capital.
The agreement is said to be the second biggest in Europe in 2020 and it concerns 10,000 unsecured assets.
In January, B2Kapital Cyprus signed an agreement with BoC for the acquisition of an unsecured non-performing loan portfolio with a face value of €400m.
The portfolio consists of a mix of loan products issued to individuals and small businesses. The entire portfolio will be serviced by B2Kapital Cyprus.
Since the peak in 2014, BoC has reduced its stock of NPEs by 74 per cent, to €3.9bn. Overall, since 2014, the lender reduces its NPEs by €11.1 bn.
Original Source: CyprusMail