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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.”

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