March 1, 2012 / 11:02 AM / 5 years ago

Bank of Cyprus completes sale of Australian unit

March 1 (Reuters) - Cypriot lender Bank of Cyprus has completed the sale of its Australian unit to Bendigo and Adelaide Bank for approximately 105 million euros ($140.5 million), the bank said on Thursday.

The sale had a positive impact of about 280 million euros on the group's liquid funds and a positive impact on capital adequacy ratios, the Nicosia-based bank said in a statement.

It would have an 80 million euro positive impact on the bank's capital buffer, and would generate a profit of around 9 million euros for the group, it said.

Bank of Cyprus's Australian unit had total loans as well as deposits of 1.1 billion euros on Dec. 31 2011. ($1 = 0.7476 euros) (Writing by Michele Kambas)

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