Bank of Cyprus sells three Greek hotels for EUR 9.6 million

Published on 02/12/2015 in Asset Sales

Bank of Cyprus sells three Greek hotels for EUR 9.6 million


The Bank of Cyprus has announced it has sold three Greek hotels for € 9.6 million

According to an official email statement, the Bank of Cyprus has sold three hotels it owned in Greece for € 9.6 million. Two of the hotels are located on the island of Corfu and one in Glyfada on the southern coastline of Athens.

The transaction, following an open bidding process, is another step towards the strategic disposal of the bank’s immovable properties in Greece.

Bank of Cyprus is the largest Cypriot lender. It currently possesses over 600 properties and plans to continue the disposal of distressed assets. It was forced in March 2013 to sell its banking operations in Greece to the Bank of Piraeus as part of Cyprus’s bailout terms.

Following the source’s comments, this strategic move aims at reducing possible losses from the risk of being exposed to the Greek economy and managing a more favourable balance sheet.