January 28, 2014

Alfa-Bank buys from the Bank of Cyprus Group 99.77% shares in Ukrainian Bank of Cyprus for EUR 225 million, according to Kommersant-Ukraine that refers to its source in the banking market of Ukraine.

Alfa-Bank will receive not only the bank but also 100% of the shares of the factoring company "Ikos Finance"; EUR 100 million financing provided by the Bank of Cyprus Public Company Ltd to the Bank of Cyprus and "Ikos Finance"; loans granted by the Bank of Cyprus and the Cyprus Popular Bank to their Ukrainian "daughters" and "Ikos Finance" in the amount of EUR 180 million; as well as the right to demand USD 7 million from the citizen Trofimenko in favor of the Bank of Cyprus, awarded by the Court of Arbitration in London. For this entire portfolio Alfa-Bank is to pay EUR 225 million.

According to the NBU, by October 1, 2013 the Bank of Cyprus occupied 68th place in terms of its assets (UAH 2.63 billion), with a net worth of UAH 736.87 million. The legal entities have been granted UAH 1.15 billion of the loan portfolio amounting to UAH 1.63 billion. The institution owes UAH 1.04 billion in foreign currency to other banks. The Bank of Cyprus owned 22.79% directly and 76.99% indirectly through "Leasing-Finance" LLC, "Corner" LLC and "Omiks-Finance" LLC.

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