ΕΥ Cyprus: Project Helix 3

EY Cyprus would like to congratulate Bank of Cyprus for reaching an agreement for the sale of Helix 3, another landmark non-performing portfolio sale in the Cypriot market. The sale of Helix 3 portfolio marks an important milestone as it further contributes to the de-risking of Bank of Cyprus and the banking sector in general, improving resilience in the system and enabling broader normalisation and return to economic growth.

Helix 3 portfolio comprised of loans with contractual value of c€1.0bln, primarily consisting of non-performing exposures (NPEs). This trade reduces Bank of Cyprus’ NPE ratio to a single digit (on a pro-forma basis subject to completion), signaling the beginning of a new era for Bank of Cyprus and the sector.

EY Cyprus has acted as a key advisor to Bank of Cyprus on Helix 3 as well as on the previous trade, Helix 2, another NPE portfolio of c€2.2bln contractual value.

EY Cyprus provided a range of sell-side transaction support services, adding significant value to the whole process and effectively contributing to the successful completion of both transactions.

Our transaction advisory services spanned across the whole cycle of these transactions, specifically contributing towards:

• Preparing the portfolios for sale,
• Facilitating the investor diligence phases,
• Tracking portfolio movements during the locked-box period,
• Performing closing procedures.

As EY Cyprus, we are extremely proud to have advised Bank of Cyprus in such important transactions. Once again, we remain at the forefront of the important achievements for the Cypriot economy and the banking sector through our value-adding services and expertise.

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