The Service of the Commission for the Protection of Competition announces that it received a notification by Oxalis Holdings S.a.r.l. regarding the acquisition of the share capital of CYCMC III LIMITED, to which a portfolio of non-performing loans of bank of Cyprus Public Company Ltd will be transferred.
Oxalis Holdings S.a.r.l. is a company duly registered in accordance with the laws of the Grand Duchy of Luxembourg. Oxalis is an investment vehicle controlled by Pacific Investment Management Company LLC (hereinafter referred to as "PIMCO").
PIMCO is a global investment management company which focused on active fixed income management and provides services to specialized institutions, financial intermediaries and institutional investors.
The target in this merger is CYCMC III LIMITED, which is a company duly registered in accordance with the laws of the Republic of Cyprus. CYCMC III LIMITED is a Cyprus credit facility acquiring company with limited liability and is licensed as a credit facility acquiring company. Prior to the completion of this transaction, CYCMC will obtain a license of a non-credit institution in accordance with the provisions of the Consumer Credit Agreements in relation to Properties intended for Residential Life Law of 2017 (Law 41(I)/2017). Upon completion of the merger, CYCMC III LIMITED will be active in the acquisition of non-performing loans in Cyprus, in the market for the management and recovery of non-performing loans in Cyprus and in the real estate management market, which has been acquired by execution measures or by repaying credit rights arising from mortgaged loans in Cyprus.