Bank of Cyprus Holdings PLC Completion of Project Helix 3 (9295G)
2022年11月18日 - 7:26PM
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RNS Number : 9295G
Bank of Cyprus Holdings PLC
18 November 2022
Announ cement
Completion of Project Helix 3 - Sale of non-performing loans
Nicosia, 18 November 2022
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings"
and, together with its subsidiaries, the "Group") is pleased to
announce the completion of Project Helix 3.
Project Helix 3 (the "Transaction") refers to the sale of a
portfolio of loans with a gross book value of EUR555 mn(1) (of
which EUR551 mn(1) relate to non-performing exposures), as well as
real estate properties with a book value of EUR88 mn(1) to funds
managed by Pacific Investment Management Company LLC, the agreement
for which was announced on 15 November 2021.
Cash consideration of c.EUR350 mn was received by completion,
reflecting adjustments resulting from, inter alia, loan repayments
received on the Portfolio since the reference date of 31 May
2021.
Overall, the Transaction is capital accretive , with a net
positive impact on the Group capital ratios of c.50 bps(1) . As at
30 September 2022, the Group's CET1 ratio and total capital ratio
stood at 14.7% and 19.8% respectively, both pro forma for Helix
3.
The Transaction represents a further milestone in the delivery
of one of the Group's strategic priorities of improving asset
quality through the reduction of NPEs. Project Helix 3 reduces the
NPE ratio by 5 percentage points(1) from 9.3%(1) to 4.5%(1) (pro
forma for Helix 3 ), delivering early the 2022 NPE ratio target of
c.5%.
Overall, since the peak in 2014 and pro forma for Helix 3, the
stock of NPEs has been reduced by EUR14.5 bn(1) or 97%(1) and the
NPE ratio by over 58 percentage points(1) , from 63% to less than
5%(1) , on the same basis.
For further information, please contact Investor Relations at
investors@bankofcyprus.com .
(1) Based on the Group Financial results for the nine months
ended 30 September 2022
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. At 30 September 2022,
the Bank of Cyprus Group operated through a total of 64 branches in
Cyprus, of which 4 operated as cash offices. The Bank of Cyprus
Group employed 2,955 staff worldwide. At 30 September 2022, the
Group's Total assets amounted to EUR26.2 bn and Total equity was
EUR2.0 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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