The Bank of Cyprus Group has reached what it describes as another milestone in its deleveraging and de-risking strategy by selling its Russian asset Uniastrum Bank.
“The transaction results in an improvement of approximately 30 basis points in Common Equity Tier 1 capital ratio due to the reduction of approximately €700m risk weighted assets,” the announcement said.
The sale also reduces the Group’s overall net exposure in Russia to €114m, expected to be reduced over time, the announcement added.
The sale follows a similar disposal in Ukraine and completes the disposal of the Group’s overseas banking subsidiaries identified for sale.
Source: InCyprus
