The Service of the Commission for the Protection of Competition announces that it has received a notification of concentration regarding the acquisition of a portfolio of performing loans of the Cyprus Asset Management Company Ltd by the Bank of Cyprus Public Company Ltd.
Bank of Cyprus Public Company Ltd is a public limited liability company, duly registered in accordance with the laws of the Republic of Cyprus. This company is a credit institution, licensed by the Central Bank of Cyprus. The main activity of the said company and its subsidiaries is the provision of banking and financial services that include financial investment and insurance services, custody services and other similar services. Bank of Cyprus Public Company Ltd is a subsidiary of Bank of Cyprus Holdings Public Limited Company, which is the parent company of the Bank of Cyprus Group.
The Cyprus Asset Management Company Ltd is a limited liability company, duly registered in accordance with the laws of the Republic of Cyprus. This company is active in the acquisition and management of loans, while it does not provide new loans and deposit acceptance services. In particular, its main activity is the management of assets, with the aim of achieving sustainable restructurings in cooperation with the borrowers, or where this is not possible, the divestment, liquidation or sale of assets to repay the state aid received by the Cyprus Cooperative Bank. Cyprus Asset Management Company Ltd is a subsidiary of the Cooperative Asset Management Company Ltd.
The Target is a portfolio of performing loans of the Cyprus Asset Management Company Ltd, in relation to loans granted by the Cooperative Cyprus Bank in the past.
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