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.
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Norton Rose Fulbright
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