YEREVAN, July 17. / ARKA /. The Bank of Cyprus (BoC) said on Friday it had agreed to sell 80% stake in its Russia's subsidiary Uniastrum Bank to Artyom Avetisyan, the majority shareholder in Russian Regional Credit Bank. Artyom Avetisyan will also buy 80% in Uniastrum Leasing, Banki.ru reported citing the Bank of Cyprus.

According to the Bank of Cyprus, the deal will be finalized by the end of the third quarter of 2015. The parties will need to receive the approval of the transaction by the regulators.

"The decision of the Bank of Cyprus to sell its Russian subsidiary is part of its strategy to focus exclusively on priority markets and abandon unprofitable areas. The sale of the Russian assets reduces the potential risks associated with this market," the Bank of Cyprus said.

Categories: Banks @en, General news, News, News of the hour | Comments Off on Artyom Avetisyan buys 80% of Uniastrum bank

Tags: Bank of Cyprus, buy, Uniastrum

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The State Depository of Precious Stones and Metals Agency, an affiliation of Armenian Finance Ministry, has set new prices for government agencies to buy and sell precious stones and metals which are effective for this week

Categories: Economy @en, General news, News | Comments Off on Gold buying price in Armenia down 0.7 percent to 16,514 drams per one gram

Tags: Armenia, buy, gold

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