NICOSIA: Bank of Cyprus Holdings Public Limited Company (BOC) has announced the completion of the sale of its entire shareholding of 49.9% in its associate CNP Cyprus Insurance Holdings Ltd to CNP Assurances S.A. who owns the remaining 50.1%, following the receipt of the necessary regulatory approval.

The sale consideration of €97.5 million was received upon completion.

CNP Cyprus Insurance that had been acquired by BOC as part of the acquisition of certain operations of Laiki Bank in 2013.

The sale enables the Group to focus on its core assets and is in line with the Group’s strategy of delivering value for shareholders. The Group will continue to offer insurance services through its wholly owned insurance subsidiaries.

Following the agreement for the sale in June 2019, the investment in CNP Cyprus Insurance was remeasured to the agreed price, resulting in an accounting loss of c.€26 million, which was recorded in the consolidated income statement during the second quarter of the year.

Edited by Nayyar Iqbal