Once troubled Bank of Cyprus leaves politically unstable Ukraine — RT Business:
"Protests in Kiev are spooking investors, and the latest is Bank of Cyprus, which plans on selling its loss making Ukrainian subsidiary Alfa Group Ukraine Limited for 225 million euro by the end of March.
The Chairman of Bank of Cyprus Christis Hasapis announced the bank would be selling off its Ukrainian bank operations on Friday.
“The sale falls under the Group’s strategy of focusing on core businesses and markets, and disposing of operations that are considered as non-core and is being implemented at a faster pace than what is anticipated in the Restructuring Plan,” the statement said.
Bank of Cyprus has 42 branches operating in Ukraine. Branches in Russia, China, and South Africa will remain open. Focus on clients in Cyprus, where it operates 133 branches, will be made a priority. The bank has also sold its Greek subsidiary and now has 368 working branches."
'via Blog this'
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