{"id":91570,"date":"2015-09-28T14:20:29","date_gmt":"2015-09-28T14:20:29","guid":{"rendered":"https:\/\/armbanks.am\/2015\/09\/28\/243580\/"},"modified":"2024-12-15T13:20:12","modified_gmt":"2024-12-15T13:20:12","slug":"bank-of-cyprus-completes-sale-of-its-100-stake-in-uniastrum-to-artem-avetisyan","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2015\/09\/28\/91570\/","title":{"rendered":"Bank of Cyprus completes sale of its 100% stake in Uniastrum to Artem Avetisyan"},"content":{"rendered":"<p><strong>YEREVAN, September 28. \/ ARKA \/.<\/strong> Russian business daily \u2018Kommersant\u2019 said the Bank of Cyprus has completed the sale of its 100% stake in its Russian subsidiary \u2013 Uniastrum &#8211; to Artem Avetisyan (ethnic Armenian businessman, based in Russia), for 7 million euros.<\/p>\n<p>The decision to sell its Russian operations, announced in July, is part of the Bank of Cyprus\u2019s strategy of focusing on core businesses and markets but \u201cdoes not affect the Bank\u2019s presence in Russia through its two representative offices in Moscow and St. Petersburg,\u201d reads an announcement issued by the Bank on Monday.<\/p>\n<p>\u201cWith the disposal of this major overseas banking subsidiary, the Group has reached another milestone in its deleveraging and de-risking strategy, and has eliminated future potential risks relating to its Russian banking operations, including any liquidity risks,\u201d the announcement continues.<\/p>\n<p>According to the daily\u2019s source, if the bank fails to begin making profit in the near future (in the eight months of 2014 it suffered 5.6 billion rubles under IFRS, and 3.9 billion rubles under Russian Accounting System (RAS), the new owner will have to replenish capital up to 2 billion rubles.<\/p>\n<p>Uniastrum Bank is a mid-sized universal bank in terms of assets with a wide network of branches with the focus on lending and cash management services for companies and organizations, small businesses and attraction of deposits.<\/p>\n<p>According to the Banki.ru, on September 1, 2015 the bank&#8217;s net assets stood at 55.60 bln rubles (94th in Russia), capital (calculated in accordance with the requirements of the Russian Central Bank) was worth 5.44 billion rubles; loan portfolio stood at 38 16 billion drams and obligations to the population at 30.28 billion rubles. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russian business daily \u2018Kommersant\u2019 said the Bank of Cyprus has completed the sale of its 100% stake in its Russian subsidiary \u2013 Uniastrum &#8211; to Artem Avetisyan (ethnic Armenian businessman, based in Russia), for 7 million euros<\/p>\n","protected":false},"author":1,"featured_media":169379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[15637,12146,13981],"class_list":{"0":"post-91570","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banks-en-en","8":"category-news","9":"tag-bank-of-cyprus-2","10":"tag-russia","11":"tag-uniastrum"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/91570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=91570"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/91570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/169379"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=91570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=91570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=91570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}