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(Alliance News) - Bank of Cyprus Holdings PLC said Friday it has completed the sale of a non-performing loan portfolio to US private equity firm Apollo Global Management LLC.
The deal - Project Helix - was first announced in August last year and will see the EUR2.8 billion loan book portfolio sold for a cash consideration of EUR1.2 billion.
The lender expects the deal to add about 70 basis points to it capital ratios. Bank of Cyprus' CET1 ratio at March 31 was 13.4%. Proforma for Project Helix, the bank's capital ratio was 14.9%.
"The group remains focused on continuing to improve its asset quality position and to seek solutions, both organic and inorganic, to make the bank a stronger and safer institution, capable of supporting the local economy," the bank added.
Shares in the Cypriot lender were 4.2% higher in London at EUR1.59 each.
