Bank of Cyprus has agreed to sell a portfolio of non-performing loans to US private equity firm Apollo Global Management for €1.40bn ($1.63bn).

The lender said the sale is its first disposal of non-performing loans and a "significant milestone" in its bid to improve asset quality. The loan portfolio has a gross book value of €2.80bn, secured by real-estate collateral, and a contractual balance of €5.70bn.

Bank of Cyprus sells non-performing loans to Apollo, Ackermann to retire

Adam Clark

Apollo Global Management

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