Bank of Cyprus Acquires AvtoZAZBank
19 November 2008
The Bank of Cyprus (BOCY CY) announced this morning that it has purchased a 95% stake in AvtoZAZBank for USD 76 mln, according to Bloomberg. The deal requires approval by regulators in Cyprus and Ukraine. No further details were disclosed. AvtoZAZBank is headquartered in Kyiv and has 26 branch offices. At the end of October, it reported assets of USD 22.0 mln.
