Bank of Cyprus has completed the sale of its asset management arm, Kyprou Asset Management to a Greek based firm, Alpha Trust Mutual Fund Management.
Kyprou Asset Management was set up in 1998 with the only prospect of managing mutual funds in Greece.
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Sale of the asset management unit was initially announced on 22 July 2013, so as to bring in revenue for the bank after its recovery by the EU financial authorities.
The move form a part of the group’s general strategy to dispose of non-core assets and operations as part of its restructuring efforts.
The transaction, as well as the loss received, does not have any financial or operational effect on the Group, following the sale of the Group’s banking operation in Greece in March 2013.
The company’s net asset value totalled 2.1 million (US$2.84 million), yet the sale consideration accounted to 1.9 million, thereby resulting in a 0.2 million loss for the Bank of Cyprus.
