Bank of Cyprus to sell assets in Romania
"The sale is being implemented as anticipated by the Restructuring Plan. It is also in line with the Group's decision to gradually reduce its presence in Romania and to finally exit the Romanian market," the statement said.
The Bank of Cyprus statement said the sale is estimated to take place not later than the end of October, adding that the proceeds will enhance the bank's liquidity position It also said it will help the bank dispose operations that are considered as non-core.
Bank of Cyprus is in the process of acquiring additional capital amounting to 1 billion euro that will raise its core tier 1 capital to 16.1 percent ahead of stress tests of European Union banks considered to be systemic in the coming months. ■