Losses at ACC Bank widen to €310 million in 2013

Pre-tax losses at ACC Bank increased to €310 million last year, up from €213 million in 2012.

The increase in losses reflected additional impairments on assets especially in respect of property related exposures.

In its final annual results as a licensed bank, the bank said total loans and advances to customers at year end amounted to €2.6 billion, in comparison to the €2.8 billion at the end of 2012.

In October, ACC announced plans to withdraw from providing standard banking products, such as current accounts, to focus solely on debt recovery.

ACC will close its business centres to the public at the end of May and plans to give up its banking licence in June 2014, but will continue to be a regulated entity.