YEREVAN, September 28. / ARKA /. Russian business daily ‘Kommersant’ said the Bank of Cyprus has completed the sale of its 100% stake in its Russian subsidiary – Uniastrum - to Artem Avetisyan (ethnic Armenian businessman, based in Russia), for 7 million euros.

The decision to sell its Russian operations, announced in July, is part of the Bank of Cyprus’s strategy of focusing on core businesses and markets but “does not affect the Bank’s presence in Russia through its two representative offices in Moscow and St. Petersburg,” reads an announcement issued by the Bank on Monday.

“With the disposal of this major overseas banking subsidiary, the Group has reached another milestone in its deleveraging and de-risking strategy, and has eliminated future potential risks relating to its Russian banking operations, including any liquidity risks,” the announcement continues.

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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

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Tags: Bank of Cyprus, buy, Uniastrum

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