Bank of Cyprus sells its stake in the company controlling JW Marriot hotel to Strabag for 95 mln euro
Source: JW Marriott Bucharest Grand Hotel

Bank of Cyprus announces the transfer of the interest held in the Society of Grand Hotel Companies which owns JW Marriott hotel in Bucharest to Austrian group Strabag in a transaction estimated at 95 million euro. The sale is expected to be carried out by the end of September, 2014, yet, in case of a delay, its completion shall be no later than late-October, 2014.

The stake equivalent to 35 percent of the shares will give Strabag, currently the major shareholder, full control on the company. In addition to the securities, the sale arrangement includes a loan provided by the Romanian branch of the bank to the company and a subordinated loan agreement between an affiliate of the bank and the company, states a press release from Bank of Cyprus.

“The sale of these assets is part of the group’s strategy to focus on key business and markets, dropping out non-core operations”, according to the mentioned press release. In light of the new business direction, Bank of Cyprus is also looking to reduce its presence in the domestic market so as to eventually exit Romania.

Last year in March, Marfin Bank Romania took over gross assets worth 82 million euro from the Romanian branch of Bank of Cyprus together with deposits of 77 million euro. Bank of Cyprus entered the domestic market in 2007, being part of the largest banking group in Cyprus with operations in Australia, Greece, Russia, the UK, Ukraine and the Channel Islands.

April 07, 2020 11:01
by Dimitrios Goranitis, Risk and Regulatory Advisory Partner, Deloitte Ro...more »
April 01, 2020 11:47
Article provided by Impetum Group Among the reactions that the Government of ...more »
 
April 01, 2020 11:02
Article provided by Tuca Zbarcea si Asociatii In the context of the economic ...more »
March 31, 2020 12:25
Deloitte Romania and FintechOS have created and implemented the technical...more »
Govnet Next Events