KPMG London to deliver Wednesday final asset evaluation of Cyprus Popular Bank

The final evaluation of Cyprus Popular Bank (CPB) assets is expected to be delivered tomorrow, Wednesday, by KPMG London, according to CNA sources.

The same sources say that the unified study of the new Bank of Cyprus (BoC) will be delivered by Friday and will contain the evaluation of assets, both from CPB and BoC.
Moreover, the preliminary summary of BoC asset evaluation is expected to be delivered today or by tomorrow the latest.

The Bank of Cyprus – the largest bank in the island – is currently subjected to a consolidation process, as part of a 10 bln euro bailout agreement, reached between the Cypriot authorities and the Troika (European Commission, ECB, IMF). The agreement also provided for the immediate resolution of the second largest bank, Cyprus Popular Bank, in a good and bad bank, based on a decision by the Central Bank of Cyprus, using the newly adopted Bank Resolution Framework.
Asset evaluation of the new BoC is key to the bank’s exit from the resolution process and for establishing the final percentage of the “haircut” of uninsured deposits, 60% of which remains committed. A 37.5% of those deposits has already been converted to shares.