Cyprus Mail
Business

BoC’s acquisition of Russia’s Uniastrum did more damage than bad loans, says former vice-chairman Strzhalkovsky

Vladimir Strzhalkovsky

By Stelios Orphanides

Vladimir Strzhalkovsky, the Russian businessman who until recently was one of Bank of Cyprus’s major shareholders who also served as its vice chairman, said that the acquisition of Russia’s Uniastrum did more damage to the bank than bad loans, and ultimately led to its bankruptcy.

“The situation with the purchase of Uniastrum was unique,” Strzhalkovsky said in an interview to Russia’s RBK Daily. “The most brilliant people converged on the one side, and the most stupid on the other”.

Bank of Cyprus which regards the disposal of Uniastrum a top priority, attributed a loss of €269m from discontinued operations to Uniastrum alone in the fourth quarter of 2014.

Related Posts

Technology can fuel growth and create jobs in Cyprus

Kyriacos Nicolaou

Cyprus to assume gas forum presidency

Kyriacos Nicolaou

Cyprus Business Now

Kyriacos Nicolaou

COP26 and climate change: green transition will require more commitments

CM Guest Columnist

Payments into BoC accounts blocked from popular money transfer company Wise

Kyriacos Nicolaou

Shortages cast shadow over Britain’s Black Friday

Reuters News Service