Bank of Cyprus Holdings PLC completed the sale of its entire 49.9% stake in CNP Cyprus Insurance Holdings Ltd. to CNP Assurances SA, which owns the remaining 50.1% of the company, following the receipt of regulatory approval.
Bank of Cyprus received a sale consideration of €97.5 million upon completion of the transaction.
Bank of Cyprus said the sale will have a positive impact of approximately 30 basis points on both its common equity Tier 1 ratio and total capital ratio. The bank booked an accounting loss of approximately €26 million from the sale after the investment in CNP Cyprus was remeasured to the agreed price following the sale agreement in June.
Bank of Cyprus said the sale will allow it to focus on its core assets, adding that it will continue to offer insurance services through its wholly owned insurance subsidiaries.
