Agence France-PresseJanuary 31, 2014 11:17
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 ($304 million).
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.