The Bank of Cyprus Group has today signed a Memorandum of Understanding with third parties for the possible disposal of the shares or assets of its subsidiary companies, Kermia Ltd and Kermia Properties & Investments Ltd.

According to the terms of the Memorandum, Kermia Hotels Ltd, a subsidiary of Kermia Ltd, will not form part of the possible transaction.

The Group and the third parties have agreed in principle the procedure to be followed in order to reach a final agreement.