Thursday October 23, 2014 Search
Weather | Athens
24o C
14o 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)  
Athens weighs its LNG and CNG options
Greece ranks among global leaders in tourism growth
Global oil price drop sends local fuel prices back to 2010 levels
Buy big house, become a citizen
Cyprus seeks EU response over Turkey´s EEZ violation
Cyprus is to raise the issue of Turkey’s violation of its exclusive economic zone (EEZ) at Thursday’s European Council meeting after Turkish Prime Minister Ahmet Davutoglu raised the specter...
Thirteen indicted for inmate torture
Thirteen correctional officers and their former warden will stand trial in Serres, northern Greece, over the death of Albanian inmate Ilie Kareli on March 27 at Nigrita Prison. Kareli was tr...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Careful what you wish for
Everyone is in a rush to become prime minister in this country, as if they have not learned a single thing from its political history. While still in opposition, PASOK’s George Papandreou ma...
EDITORIAL
Taking care of our key industry
It’s time to face facts: Tourism is the country’s heavy industry. The sector’s considerable contribution has served as a stabilizing factor for the local economy, essentially placing the cou...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Roberto´s heroics make Kasami´s goal count
2. Athens weighs its LNG and CNG options
3. Greece ranks among global leaders in tourism growth
4. Global oil price drop sends local fuel prices back to 2010 levels
5. Buy big house, become a citizen
6. Cyprus seeks EU response over Turkey´s EEZ violation
more news
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Cyprus to block Turkey's EU talks after EEZ violation
3. EU’s Juncker wins Commission-team approval with investment vow
4. Juncker’s EU commission team set for parliamentary green light
5. Taprantzis resigns from privatization agency TAIPED
6. Fallen tree, smashup cause traffic jams in Athens
Today
This Week
1. Istanbul skyscraper casts shadow over Greece's banking ambitions
2. Coalition shooting itself in the foot
3. Greece’s closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. The past, present and future of the Greek debt crisis
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.