Bank of Cyprus concludes exit from Romania by selling batch of nonperforming loans

Bank of Cyprus liquidated its activities in Romania by selling its last portfolio of nonperforming loans and real estate worth roughly EUR 147 mln.

The assets were acquired by the APS group in a transaction that was signed in May 2022 and finalized on August 24 of the same year, after a review by the Competition Council, the authority charged with ensuring a normal competitive environment for businesses in Romania.

Bank of Cyprus sold its remaining portfolio as part of the termination of its operations in Romania, a process that has gradually moved forward over the last few years.

“This was the last major transaction, part of our plan to exit foreign markets and focus on our home market,” Ioannis Petrou, manager of corporate finance solutions for Bank of Cyprus, said in a statement cited by Economedia.ro.

(Photo source: ​​​​​​ Lenutaidi | Dreamstime.com)