Bank of Cyprus to sell 340 mln euros of property in 2017

Bank of Cyprus, the island's biggest lender, is looking at selling real estate assets taken in exchange for bad loans worth about 340 million euros in 2017, double last year's levels, Cypriot press reported.

Citing comments from Bank of Cyprus chief executive John Hourican on Wednesday, said the bank aims to sell the assets without creating excessive downward pressure on property prices on the island.

The bank reported a full year profit of 64 million euros as it continues to wrestle with bad loans in excess of 40% of its loan book.