CYPRUS POPULAR BANK PUBLIC CO LTD
Completion of the sale of 85% of Laiki Bank Australia Ltd to Bank of Beirut s.a.l.
· Transaction results in:
· total cash consideration of AUS$142,9m
· profit from the disposal of approximately €52,7m in 2011
Marfin Popular Bank Public Co Ltd informs that the sale of 85% of Laiki Bank Australia Ltd (LBA) to the Bank of Beirut s.a.l. (BOB) has been completed, after BOB has obtained the necessary approval of the Central Bank of Beirut, which was pending.
The total cash consideration for the transaction reached AUS$142,9m. while the profit from the sale amounts to approximately €52,7m. The total cash consideration represents a multiple of approximately 1,65 times the Net Book Value of Laiki Bank Australia as at 31.12.2010.
· total cash consideration of AUS$142,9m
· profit from the disposal of approximately €52,7m in 2011
Marfin Popular Bank Public Co Ltd informs that the sale of 85% of Laiki Bank Australia Ltd (LBA) to the Bank of Beirut s.a.l. (BOB) has been completed, after BOB has obtained the necessary approval of the Central Bank of Beirut, which was pending.
The total cash consideration for the transaction reached AUS$142,9m. while the profit from the sale amounts to approximately €52,7m. The total cash consideration represents a multiple of approximately 1,65 times the Net Book Value of Laiki Bank Australia as at 31.12.2010.