Cynergy Capital completed the acquisition of Bank of Cyprus UK for £107m from Bank of Cyprus.

Cynergy Capital, a private banking company, completed the acquisition of Bank of Cyprus UK for £107m from Bank of Cyprus, a Cypriot financial services company. The decision to sell the UK Group is in line with the Group's strategy of delivering value for shareholders and focusing principally on supporting the growing Cypriot economy. The sale consideration amounted to £107m comprising of £103m base consideration plus a purchase price adjustment of £4m. Half of the base consideration together with the purchase price adjustment was received upon completion and the remaining half is deferred over 24 months, without any performance conditions attached.