Members of the Bank of Cyprus Board of Directors travel to Russia to assess the operations and prospects of Russian Uniastrum bank, a Bank of Cyprus subsidiary.
Sources from the Cypriot bank told CNA that the visit of BOC Board members visit aim to form a direct view on Uniastrum's prospects, as Bank of Cyprus holds a stake of 80%, and to hold meetings with the bank's Board. The same sources told that following the disposal of its operations in Greece, Uniastrum bank constitutes Bank of Cyprus' most significant investment abroad.
Cyprus one year ago agreed with the EU and the IMF on a €10 billion bailout which featured an unprecedented haircut on deposits over €100,000 to recapitalize the island`s troubled banks. Bank of Cyprus absorbed the good part of Laiki Bank which has been wound down. Furthermore Cypriot banks were forced to sell their operations in Greece.
The Bank entered a resolution process and drafted a restructuring plan envisaging inter alia the disposal of its operations abroad. Last January the bank sold its loss-making Ukrainian business, PJSC Bank of Cyprus to ABH Ukraine Limited, a member of the Alfa Group for €225 million.
Source: Financial Mirror