FAMAGUSTA, Cyprus – Cyprus’ largest bank says it has sold off its business in Ukraine and a stake in a Romanian bank to help reduce risk and improve cash flow for the troubled lender.
Bank of Cyprus says it has completed the sale of its loss-making operations in Ukraine to Alfa Group for 202.5 million euros ($280.5 million) — 10 per cent less than the original price.
It has also sold a 10-per cent stake in Banca Transilvania for 82 million euros ($113.6 million).
Bank CEO John Patrick Hourican said in a statement Friday that the sales will help the bank return to a position of financial strength and stability.
Bank of Cyprus was at the heart of a multibillion-euro financial rescue that Cyprus received from international creditors a year ago.