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Bank of Cyprus sells its subsidiary in Ukraine to Russian Alfa Group

The deal will be concluded by the end of the first quarter of 2014

© EPA/KATIA CHRISTODOULOU

NICOSIA, January 31. /ITAR-TASS/. Bank of Cyprus announced on Friday that it had concluded an agreement to sell 99.77% in its unprofitable structure in Ukraine - PJSC Bank of Cyprus - to ABH Ukraine Limited bank, which is a member of Russia's consortium Alfa Group.

The €225 million deal is to be approved by regulators in Cyprus and Ukraine, the board of directors of Bank of Cyprus said in a statement published on Friday.

The deal will be concluded by the end of the first quarter of 2014. The proceeds from the sale of the subsidiary will strengthen the liquidity positions of the Bank of Cyprus, the statement said.

The Ukrainian subsidiary is sold in accordance with the bank's strategy to focus on the main business and give up additional activities. The strategy is implemented faster than planned for the restructuring. The deal is expected to remove potential risks relating to Ukrainian investments, particularly in connection with the tense political and economic situation in Ukraine.

PJSC Bank of Cyprus was bought by Bank of Cyprus in 2008. It operates a network of 42 offices, individuals and legal entities in Ukraine. As of September 30, 2013, the bank had assets amounting to €245 million and €70 million capital.

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