Serious issues created in the operation and management of non-performing loans after the Cyprus Co-operative Bank’s assets were transferred to Hellenic Bank could now be overcome since the Co-operative Asset Management Company (SEDIPES) has been granted two licenses.
The two licensees issued by the Central Bank of Cyprus last week allow SEDIPES to act as a non-credit company and as a credit acquiring company.
The sale of part of the assets and liabilities of the Cyprus Co-operative Bank Ltd to Hellenic Bank resulted in the establishment of two new entities, the SEDIPES and the Cyprus Asset Management Company Ltd (KEDIPES) which received assets with a book value of €8.34 billion in return for a liability of €3.54 billion.
When Cyprus Co-operative Bank’s assets were transferred to Hellenic Bank serious issues were created in the operation and management of non-performing loans because the loss of the license made their transfer to KEDIPES impossible.
The two licenses pave the way for the official conclusion of loan restructuring agreements by Altamira non-performing loans specialist, and also make it possible for Nicosia to meet commitments made at European Union level in relation to the next day of the Co-op bank’s shutdown.
All borrowers who have reached an agreement to restructure their loans with Altamira can now expect to be called in for the signing of final documents – something that could not take place up to now.
In addition, all necessary action is taken so as to proceed with transactions at the Department of Lands and Surveys which were also blocked after SEDIPES lost its license.
INSIDER is informed that tens of millions of euros worth of real estate deals are still pending.