The third largest credit facility of Cyprus – Hellenic Bank, announced the signing of the agreement with APS Holding. According to the agreement, the Czech company will be controlling the assets and debts of the Cypriot bank. The control over transactions in relation to overdue debts of the bank will also be given to the new company.
Hellenic reports that this agreement is in accordance with the current strategy of the European Central bank, which is aimed to get rid of toxic assets.
Upon the approval of the regulating bodies, the agreement will enter into force in the first quarter of the current year.
