Cyprus Bank Sells Russian Holdings

NICOSIA — Cyprus’ largest bank has sold off more than three-quarters of its Russian operations to limit its exposure to risk and to concentrate on its core, domestic business.

The Bank of Cyprus said in a statement July 17 that it sold 80 percent of its stake in banking subsidiary CB Uniastrum Bank LLC and leasing subsidiary Uniastrum Leasing LLC to Artem Avetisyan, majority shareholder in Russia-based Bank Regional Credit.

The deal is worth 7 million euros ($7.6 million) and results in an accounting loss of 29 million euros.

The bank said the move eliminates “future potential risks relating to its Russian operations, including any liquidity risks.”


NICOSIA - While Cypriot airports are less affected by air travel turmoil because of a shortage of pilots and staffs on international airlines – despite massive subsidies given the industry – Deputy Tourism Minister Savvas Perdios suggested Cypriots not to travel in July and August.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.


TNΗ’s Happenings of the Week by Eraklis Diamataris

NEW YORK – The National Herald’s Happenings of the Week as have been reported at the print and digital editions of TNH and presented by the TNH Editor Eraklis Diamataris.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.