Thursday March 5, 2015 Search
Weather | Athens
20o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bank of Cyprus sells Ukrainian subsidiary

Bank of Cyprus, the island’s largest lender, on Friday announced the sale of its loss-making PJSC Ukrainian subsidiary to Russia’s Alpha Group, as part of a restructuring drive.

It said an agreement was reached with ABH Ukraine, part of the Alpha Group, to sell its holding of 99.77 percent for 225 million euros.

The sale is subject to approval from regulatory authorities in Cyprus and Ukraine.

“The proceeds of the sale will enhance the bank’s liquidity position,” said Bank of Cyprus.

BoC said the accounting loss from the sale was approximately 158 million euros, representing the difference of the consideration received and the net book value of the business. It said the deal was a “good transaction in order to deleverage and de-risk its balance sheet.”

The sale would also “eliminate future potential risks relating to its Ukrainian investment, particularly given the political and economic environment prevailing currently in Ukraine.”

PJSC Bank of Cyprus was acquired by BoC in 2008. It operates a network of 42 branches, focusing both on individuals and businesses in Ukraine. As of September 30, 2013, the bank had total assets and equity of around 245 million euros and 70 million respectively.

BoC this week released 950 million euros in six-month certificates of deposit it had locked in following the haircut.

The CDs were due to mature on Friday. [AFP]

ekathimerini.com , Friday Jan 31, 2014 (19:17)  
Industrial products offset agricultural exports’ losses
BoC disposing of 41 properties across Greece
RAE offers gift to natural gas power plants
Emergency intervention by BoG to acquire T-bills
Police, ministry dodge blame for migrants order
The Greek Police and the Interior Ministry on Wednesday both dodged the blame after new police guidelines on migration control were issued and then revoked within a few hours following a veh...
Speaker says laws may not stand
Parliament Speaker Zoe Constantopoulou suggested on Wednesday that some laws voted by less than 151 of 300 MPs when Golden Dawn MPs being held in pretrial custody were not allowed to cast ba...
Inside News
SOCCER
Super League restarts, but behind closed doors
Deputy Minister for Sports Stavros Kontonis announced on Wednesday the resumption of the Super League this weekend after it was suspended last week following crowd trouble at the Athens derb...
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a «sacrifice» to win trophies or leave. "Olympiakos ...
Inside Sports
FOCUS
Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
Strapped for cash and under pressure to deliver on reforms, Greece's new radical government has ruffled feathers in Brussels by not respecting the diplomatic niceties of the negotiating tabl...
COMMENTARY
Up the creek without a paddle
One of the issues that dominated the country’s pre-election debate was whether SYRIZA, which eventually won the vote, had worked out a plan B. It was clear from the start that its much-hyped...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Industrial products offset agricultural exports’ losses
2. BoC disposing of 41 properties across Greece
3. RAE offers gift to natural gas power plants
4. Emergency intervention by BoG to acquire T-bills
5. Valavani offers debt penalty write-off
6. Police, ministry dodge blame for migrants order
more news
Today
This Week
1. Up the creek without a paddle
2. Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
3. Panousis says no official decision on undocumented migrants
4. For Greece, a lesson from Ireland, Kenny says
5. More Germans booking holidays in Greece, tourism chief says
6. ECB glimpse of Cyprus debt shows limits of bank cleanup
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. The Greek tax drama
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.