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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