Cyprus Mail

Uniastrum sale must be investigated-MP

The sale of a Russian subsidiary by Bank of Cyprus (BoC) could be examined by the House Ethics Committee, a lawmaker said on Tuesday.

Chairman of the European Party Demetris Syllouris said the sale of Uniastrum for €7mln, after it was acquired in 2008 for over €400mln, must be investigated.

“If there are no other reasons and explanations, €500mln cannot be lost without special investigation,” he said.

Syllouris said the Ethics Committee should look into the affair in September if no other authority intended to do so.

BoC announced last week it had agreed to sell its 80 per cent stake in Russian subsidiary Uniastrum for €7mln.

The disposal of Uniastrum will limit BoC’s exposure to Russia to €114m, “relating to loans and real estate assets” which will decline over time, the lender said.

“This transaction does not affect the bank’s presence in Russia through its two representative offices in Moscow and St. Petersburg”.

BoC said the sale allowed the Group to de-risk its balance sheet by approximately €700mln and the release of risk weighted assets of approximately €700mln.


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