Bank of Cyprus says it is looking "positively" at a revised offer to sell its loss-making PJSC Ukrainian unit to Russia's Alfa Group as part of a restructuring drive.
In January, Bank of Cyprus (BoC), the island's largest lender, said it had agreed to sell its 99.77 per cent stake in the subsidiary to ABH Ukraine, which is part of Alfa Group, for 225 million euros ($A334.10 million).
But Cypriot media reported the Russians had offered 10 per cent less than the original figure due to the worsening political and economic crisis in Ukraine.
Moscow annexed Ukraine's Crimea Peninsula last month, and Western powers accuse the Kremlin of fomenting further unrest in the country's mainly Russian-speaking east.
"Bank of Cyprus announces that a revised consideration has been offered by the Alfa Group that is viewed positively by the board of the directors," BoC said on Monday.
The sale is part of the liquidity-strapped group's strategy of focusing on core businesses and markets, and disposing of other operations.
The Cypriot bank acquired PJSC Bank of Cyprus in 2008.
It operates a network of 42 branches, focusing both on individuals and businesses in Ukraine.
As at September 30, 2013, the bank had total assets of about 245 million euros and equity of 70 million euros ($A103.94 million).
Cyprus agreed in March to a 10-billion-euro rescue package with the European Commission, European Central Bank and International Monetary Fund to bail out its troubled economy and oversized banking system.
Many of those large BoC depositors were Russian and in return received shares in the lender with six Russians now represented on the 15-member board.
In January, Bank of Cyprus (BoC), the island's largest lender, said it had agreed to sell its 99.77 per cent stake in the subsidiary to ABH Ukraine, which is part of Alfa Group, for 225 million euros ($A334.10 million).
But Cypriot media reported the Russians had offered 10 per cent less than the original figure due to the worsening political and economic crisis in Ukraine.
Moscow annexed Ukraine's Crimea Peninsula last month, and Western powers accuse the Kremlin of fomenting further unrest in the country's mainly Russian-speaking east.
"Bank of Cyprus announces that a revised consideration has been offered by the Alfa Group that is viewed positively by the board of the directors," BoC said on Monday.
The sale is part of the liquidity-strapped group's strategy of focusing on core businesses and markets, and disposing of other operations.
The Cypriot bank acquired PJSC Bank of Cyprus in 2008.
It operates a network of 42 branches, focusing both on individuals and businesses in Ukraine.
As at September 30, 2013, the bank had total assets of about 245 million euros and equity of 70 million euros ($A103.94 million).
Cyprus agreed in March to a 10-billion-euro rescue package with the European Commission, European Central Bank and International Monetary Fund to bail out its troubled economy and oversized banking system.
Many of those large BoC depositors were Russian and in return received shares in the lender with six Russians now represented on the 15-member board.
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