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Moody’s: Licensing of Cyprus’ first credit-acquiring company is credit positive for banks

May 22, 2018 at 8:44am
By May 22, 2018 No Comments

The licensing by the Central Bank of Cyprus for the selling of loans to B2Kapital Cyprus Ltd. is credit positive for Cypriot banks, Moody’s rating agency has said. “The licencing, the Central Bank’s first, is credit positive because it will enhance debt collection and provide domestic banks another means to reduce their high stock of nonperforming loans,” Moody’s says in a press release.

It notes that “last Monday, B2Kapital Cyprus Ltd. announced that on 10 May the Central Bank of Cyprus had granted it a licence to operate as a credit-acquiring company,” adding that “B2K is a wholly owned subsidiary of Norway’s B2Holding ASA (Ba3 stable), a leading pan-European debt specialist.”

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Cyprus central government debt at €18.3 billion at end-2017

Source: CNA