Central Bank of Cyprus has licensed seven credit acquisition companies, one of which is CYCMC III and is a subsidiary of Bank of Cyprus with 100% control of the share capital.
But it is currently inactive and has not purchased any non-performing loan portfolios, CBC said in a recent letter sent to parliament following a question raised by the Green Party of Cyprus.
At the same time, the Central Bank has noted that CAC Coral Limited is also a bank subsidiary – this time of the National Bank of Greece and was set up to acquire the non-performing loan portfolio of the National Bank of Greece Cyprus.
As CBC points out in the letter signed by Head Department Elena Gregoriadou “in the case of a subsidiary, the licensed credit acquiring institution does not succeed in alienating the risk arising from non-performing loans. So there is no benefit”.
The other credit acquiring companies licensed by CBC are APS Loan Management Ltd, a shareholder of which is APS Capital Group S.R.O. (100% participation rate) from the Czech Republic. B2KAPITAL Cyprus Ltd, whose shareholders are B2KAPITAL Holding S.A.R.L. (100% participation) from Luxembourg.
Gordian Holdings Ltd (formerly CYSMC I Limited, owned by HELIX SUBCO SARL (100% participation) from Luxembourg. Also, KEDIPES where 100% shareholder is SEDIPES which is also licensed and with the Republic of Cyprus being the owner of 77.34% of the shares.