Bank of Cyprus says it has completed the sale of its loss-making operations in Ukraine to Alfa Group for 202.5 million euros ($280.5 million) — 10 percent less than the original price.
It has also sold a 10-percent stake in Banca Transilvania for 82 million euros ($113.6 million).
Bank CEO John Patrick Hourican said in a statement Friday that the sales will help the bank return to a position of financial strength and stability.
Bank of Cyprus was at the heart of a multibillion-euro financial rescue that Cyprus received from international creditors a year ago. -UNB