Bank of Cyprus sells Australia unit for 100 mln euros

Bank of Cyprus Group said it has agreed to sell its 14-branch Australia subsidiary to regional lender Bendigo and Adelaide Bank for 100 mln euros.
The Cyprus bank said it’s liquidity base will be boosted by 250 mln euro, while the deal’s contribution to the capital buffer required by the European Banking Authority until next June is estimated at 77 mln euros.
The actual profit from the sale of Bank of Cyprus Australia Ltd is put at 7 mln euros and the deal will be concluded in February 2012.