Bank of Cyprus selling subsidiary Uniastrum to cut exposure to Russia

Bank of Cyprus said on July 17 that it had signed an agreement to sell off its Russian subsidiary Uniastrum Bank as part of a plan to reduce the biggest Cypriot lender’s exposure to Russia.

According to Reuters, Bank of Cyprus is selling its 80% stake in Uniastrum, which is headquartered in Moscow, to Artem Avetisyan, the chief owner of Bank Regional Credit, a relatively small lender based in central Russia’s town of Kostroma.

Bank of Cyprus described the sale as “another milestone in its deleveraging and de-risking strategy”.

The sale is expected to eventually reduce the bank’s net overall exposure to Russia to 114m euros. It “follows a similar disposal in Ukraine and completes the disposal of the Group’s overseas banking subsidiaries identified for sale”, the firm said in a statement.

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