Preliminary Group Financial Results for the year ended 2014
Overseas non-core operations
Disposing of overseas operations considered as non-core
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As part of its Deleveraging strategy, and through specific, deliberate and well-timed actions, the
Bank has managed to reduce its risk profile, to enhance its liquidity position and to improve its capital
position through the disposal of operations that are considered as non-core.
During 2014, the Group sold its Ukrainian operations, its investment in Romanian Banca Transilvania,
its loans in Serbia, assets in Romania and part of the UK loan portfolio acquired from Laiki Bank.
The remaining non-core overseas operations as at 31 December 2014 are as follows:
Greece: The net exposure comprised (a) net on-balance sheet exposures (excluding
foreclosed properties) totalling €97 mn, (b) about 600 foreclosed properties with a book
value of €179 mn, and (c) off-balance sheet exposures totalling €185 mn.
Romania: The overall net exposure totalled €520 mn.
➤ Russia: in light of the deteriorating economic conditions since mid-December 2014, the Bank
has proceeded to reassess its operations in that country and increased the level of provisions
for impairment of its loans and other assets. This action reflects a deliberately more
conservative stance regarding the Russian economic outlook and significantly reduces the
Group's overall net exposure to the country to €163 mn.
Bank of Cyprus
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