Bank of Cyprus sells €916m of NPLs to Pimco

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By Tom Brown
07 Aug 2020

The Bank of Cyrus has announced the sale of a €916m non-performing loan (NPL) portfolio to Pimco, dubbed Project Helix 2 after the first Project Helix cleared €2.7bn of NPLs from the bank’s balance sheet.

The new portfolio has a contractual balance of €1.46bn and comprises 22,224 loans, mainly to retail and small to medium-sized enterprises.

Market conditions in 2019 as well as the coronavirus outbreak delayed the ability for the bank to sell the portfolio, which resulted in a net loss of ...

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