Bank of Cyprus closes its branches in Crimea.

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April 16, Bank of Cyprus branches in Crimea officially stop to exist. Earlier this week, the bank notified its customers about the closing, nevertheless, customers may still use banking products that have been executed in the Bank of Cyprus. There are three offices in Crimea: in Simferopol, Sevastopol and Yalta.

In early 2014, Bank of Cyprus has reached a preliminary agreement with the “Alfa Group” to sell its 99.77% stake in Crimea. However, in early April, the information about the transaction appeared again. It says that the transaction will be closed in the near future and there is a need for an approval by the relevant regulatory authorities. Earlier this year, the amount of the transaction was announced of 225 million euros.

PSJC Bank of Cyprus was acquired by the BoC in 2008. 42 offices in Ukraine are held under BoC group.

Source: Vestnik Kipra