The Service of the Commission for the Protection of Competition has received a notification of a concentration, according to Section 10 of the Control of Concentrations between Enterprises Law of 2014, concerning the acquisition of a non-performing loan portfolio of Bank of Cyprus Public Company Ltd by CYCMC II Ltd, which will then be acquired by the PIMCO Group, via B4 Galium Holding S.a.r.l.
B4 Galium Holding S.a.r.l. is a limited liability company duly registered under the laws of the Grand Duchy of Luxembourg. It was founded in 2021 and has not exercised any economic activity.
PIMCO is a global investment management company focusing on active fixed income management and providing services to specialist institutions, financial intermediaries and institutional investors.
The target of this concentration is CYCMC II LIMITED, which is a company duly registered under the laws of the Republic of Cyprus. The target is a licensed credit facility acquisition company and a non-credit institution in accordance with its provisions on Credit Agreements for Consumers relating to Residential Immovable Property Law 2017 (Law 41 (I) / 2017). Upon the completion of this concentration, CYCMC II LIMITED will be active in the market of holding of a Non-Performing Loans portfolio / the acquisition of NPLs, the management of Non-Performing Loans and the management of real estate acquired through enforcement or payment procedures due to credit rights arising from Non-performing Loans in Cyprus and/ or the from the acquisition of a portfolio with REO.