September 3, 2018 11:12 am

Bank of Cyprus sells €2.7b bad loan portfolio to Apollo

Bank of Cyprus has announced the sale of a bad loan portfolio to Apollo Global Management LLC for a consideration of €1.4 billion. The loans are predominantly NPEs in the bank’s corporate and small and midsize enterprise portfolio with a face value of €2.7 billion. The NPEs are secured with real estate collateral. According to Moody’s Monday’s Credit Outlook, the sale is credit positive. Cyprus Mail

This post was written by Jens Secker

(Image rights: istockphoto.com/)

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