Use of cookies by
Norton Rose Fulbright
We use cookies to deliver our online services. Details and instructions on how to disable those cookies are set out at nortonrosefulbright.com/cookies-policy. By continuing to use this website you agree to our use of our cookies unless you have disabled them.
Norton Rose Fulbright advises Bank of Cyprus on sale of UK subsidiary to Cynergy consortium | Global law firm | Norton Rose Fulbright

Norton Rose Fulbright advises Bank of Cyprus on sale of UK subsidiary to Cynergy consortium

July 17, 2018

Contacts

Key industry sectors

Global law firm Norton Rose Fulbright has advised Bank of Cyprus Public Company Limited (BOC) on the £103 million sale of its wholly-owned subsidiary bank in the UK, BOC UK Limited, to Cynergy Capital Limited (Cynergy). The purchase price is subject to customary adjustments and completion is expected to be achieved by the end of 2018, subject to approval by the regulators of both BOC and BOC UK.

The decision to sell BOC UK is in line with BOC’s strategy of delivering value for shareholders and focusing principally on supporting the growing Cypriot economy. On completion, BOC UK is expected to be rebranded “Cynergy Bank”, a name chosen to reflect the bank’s Cypriot heritage, combined with a modern and energetic focus. Further to this transaction, BOC and Cynergy will sign a cooperation agreement, which will see both organisations cooperating in a number of key areas going forward, including continuity of servicing for existing customers.

The Norton Rose Fulbright team advising BOC was led by partner Charez Golvala and Of Counsel Alex Neovius, who have a long-standing relationship with BOC and are delighted to have been able to assist them with this transaction. The wider team also included partner Charlotte Henry, consultant Peter Snowdon, and associate Jack Prettejohn who advised on financial services regulatory matters.

Norton Rose Fulbright has extensive experience in advising on high-level and complex cross-border M&A transactions in the financial institutions sectors, as well as on day-to-day transactions. The firm acts for the world’s leading global banks and development banks in the emerging markets, as well as broker-dealers, investment banks and other financial service institutions.

For further information please contact:

Louise Nelson, Senior PR Manager
Tel: +44 (0)20 7444 5086; Mob: +44 (0)7909 684 893
louise.nelson@nortonrosefulbright.com

Notes for editors:

Norton Rose Fulbright

Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.

Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.

Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.