BoC Ukraine operates normally, says Bank of CyprusFAMAGUSTA GAZETTE
• Friday, 14 June, 2013

THE Bank of Cyprus Ukraine (BoC Ukraine) is operating normally and has no restrictions in servicing clients, a Bank of Cyprus (BoC) press release issued here says.

According to the press release “following press articles referring to the freezing of the ownership of the Ukrainian’s subsidiary, PJSC Bank of Cyprus Ukraine, the Bank of Cyprus Public Company Ltd announces that in May 2013, Luxori Smart Ltd appealed to the Commercial Court of Kiev with a claim against a number of defendants, including BoC and its subsidiary in Ukraine”

The decisions of the Commercial Court of Kyiv do not affect the operations of BOC Ukraine, it notes.

“BoC Ukraine operates normally and has no restrictions in servicing clients”, the press release adds.

It is further highlighted that “whilst the Group will continue to act in accordance with the issued decisions of the Ukrainian courts it has appealed the decision in the Court of Appeals”.

The position of BoC is that there are no legal grounds to support the case, the press release concludes.

famagusta-gazette.com/boc-ukraine-operates-normally-says-bank-of-cyprus-p19627-69.htm

Bank of Cyprus said on Friday it had completed the sale of its loss-making Ukrainian subsidy to Russia's Alfa Group for 202.5 million euros, a 10 percent discount from the originally agreed deal due to Ukraine's economic and political uncertainty.

The Cypriot lender also said it had sold its stake in Romanian Banca Transilvania as part of its overseas deleveraging process.