Bank of Cyprus sold three hotels in Greece for a total of €9.6m. Two of the hotels are located on the island of Corfu, while the third is situated in Glyphada, a suburb of Athens. The hotels sold for close to their book values, according to bank representatives.
“It is noted that the disposal of these three assets was achieved at a difficult time in the Greek economy,” the bank said in a statement. “Through this strategic move, Bank of Cyprus manages to reduce the risk from its exposure to Greece and its balance sheet and to deleverage. The disposal of immovable properties in Greece will continue.”
