Cyprus Mail
Business Cyprus

BoC sells Ukrainian operations

Customers experiencing problems with their cards over the long weekend can contact 1bank between 9am and 7pm.

Bank of Cyprus (BoC) has reached an agreement to sell its loss-making Ukrainian business for €225 million, it was announced on Friday.

The sale of the operations to ABH Ukraine Limited, a member of Alfa Group, is subject to approvals from the relevant regulatory authorities in Cyprus and Ukraine, the lender said.

“The Group proceeded with what it considers to be a good transaction in order to deleverage and de-risk its balance sheet and to eliminate future potential risks relating to its Ukrainian investment, particularly given the political and economic environment prevailing currently in Ukraine,” BoC said.

Chairman Christis Hassapis said the move meant BoC’s “full exit from the Ukrainian market.”

The sale falls under the Group’s strategy of focusing on core businesses and markets and disposing operations that are considered as non-core and is being implemented at a faster pace than what is anticipated in the Restructuring Plan.

PSJC Bank of Cyprus was acquired by the Bank of Cyprus Group in 2008.

It operates a network of 42 branches, focusing both on individuals and businesses in Ukraine.

As at September 30, 2013, the bank had total assets and equity of around €245mn and €70 mn respectively



Related posts

Ankara acting like a regional bully, says president

Staff Reporter

Pupils to abstain from class to protest lack of planning

Staff Reporter

Covid-19 tests for Achna residents

Staff Reporter

Omonia Aradippou announce Covid-19 case among staff

Jonathan Shkurko

Public hospitals under strain

George Psyllides

Coronavirus: Nine new cases on Thursday (updated)

Staff Reporter

5 comments

Comments are closed.