Bank of Cyprus will offload its assets in Romania’s Societatea Companiilor Hoteliere Grand to an Austrian stock company Strabag for 95m.
An agreement to this effect was signed between both the sides.
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The move comes as part of the group’s strategy to concentrate on core businesses and markets, while disposing non-core operations.
Subject to the fulfilment of specific conditions stipulated in the agreement, the sale process is expected to conclude by the end of October 2014.
In addition to enhancing the bank’s liquidity position, the sale also achieves an exit from a sizeable and specialized asset in Romania.
The transaction will result in an accouting loss of around 1m, but after considering reduction in risk weighted assets there is a positive impact of around 7m on the group’s capital position, the bank said.
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