Bank of Cyprus Holdings PLC Completion of the sale of investment in CNP (0099P)
07 Octubre 2019 - 06:05AM
UK Regulatory
TIDMBOCH
RNS Number : 0099P
Bank of Cyprus Holdings PLC
07 October 2019
Announcement
Completion of the sale of investment in CNP Cyprus Insurance
Holdings Ltd
Nicosia, 7 October 2019
Further to the announcement of Bank of Cyprus Holdings Public
Limited Company ("BOC Holdings" and, together with its
subsidiaries, the "Group") on 4 June 2019, BOC Holdings announces
the completion of the sale of its entire shareholding of 49.9% in
its associate CNP Cyprus Insurance Holdings Ltd ("CNP CIH") that
had been acquired as part of the acquisition of certain operations
of Laiki Bank in 2013, to CNP Assurances S.A. (the "Buyer") who
owns the remaining 50.1%, following the receipt of the necessary
regulatory approval.
The sale enables the Group to focus on its core assets and is in
line with the Group's strategy of delivering value for
shareholders. The Group will continue to offer insurance services
through its wholly owned insurance subsidiaries.
The sale consideration of EUR97.5 mn was received upon
completion.
The sale has a positive impact of c.30 bps(1) on both the
Group's CET1 ratio and Total Capital ratio. Following the agreement
for the sale in June 2019, the investment in CNP CIH was remeasured
to the agreed price, resulting in an accounting loss of c.EUR26 mn,
which was recorded in the consolidated income statement during the
second quarter of the year.
As required by the Cyprus Stock Exchange and according to
paragraph 5.2.1.17(7) of the Decision of the Council of the CSE
Concerning the CSE Market 379/2014 (as amended), the transaction is
at arm's length, it does not relate to or affect the interests of
the Company's Secretary or of any "designated person" in accordance
with the meaning given to the aforementioned term in article 137(3)
of the Cyprus Securities and Stock Exchange Law 14(I)/1993 (as
amended).
For further information, please contact Investor Relations at
investors@bankofcyprus.com.
1 Based on the Group financial results for the six months ended 30 June 2019
Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 108 branches in Cyprus. Bank of
Cyprus also has representative offices in Russia, Ukraine and
China. The Bank of Cyprus Group employs 4,155 staff worldwide. At
30 June 2019, the Group's Total Assets amounted to EUR21.9 bn and
Total Equity was EUR2.5 bn. The Bank of Cyprus Group comprises Bank
of Cyprus Holdings Public Limited Company, its subsidiary Bank of
Cyprus Public Company Limited and its subsidiaries.
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END
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