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(Alliance News) - Bank of Cyprus Holdings PLC said Monday it has completed the sale of its 49.9% stake in associate CNP Cyprus Insurance Holdings Ltd to French insurance company CNP Assurances SA, who holds the remaining 50%.
The stake was sold for EUR97.5 million following the receipt of regulatory approval, and the sale allows the bank to focus on its core assets and deliver value for shareholders.
Bank of Cyprus first announced the sale in early June.
Shares in Bank of Cyprus remained flat at EUR1.35 on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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