‘UNIASTRUM BANK’ SELLS 80% ITS SHARE TO BANK OF CYPRUS GROUP

ArmInfo
2008-11-04 16:55:00

ArmInfo. On 31 October 2008 Bank of Cyprus Group has finished the
bargain on buying 80% share of Uniastrum Bank and paid $576 mln. The
authorized capital of Uniastrum Bank grew by $50 mln. Georgiy Piskov
and Gagik Zakaryan – two main shareholders have preserved their posts
– chairman of directors council and president of Uniastrum Bank,
press-service of Unibank told ArmInfo.

As experts of Bank of Cyprus predicted the bargain should pay off
over the first year after its making (2009) and should have 10%
income in two years (2010).

‘Joining of the ‘Uniastrum Bank’ enhances its potential to become
an influential regional banking institute’, – chairman of Directors
Council of Bank of Cyprus Group Teodor Aristodem said after making
the deal. As chairman of Directors council of Uniastrum Bank Georgiy
Piskov added, this deal gives a unique opportunity for the Uniastrum
Bank to continue increasing its influence and to improve the sphere
of client services.

‘The team of Uniastrum Bank is well trained to reach high goals
together with Bank of Cyprus Group. We hope the force of our net
will be replenished with experience, technologies and capital of
Bank of Cyprus Group. All this will make it possible to offer new
beneficial services to our clients’, – president of Uniastrum Bank
Gagik Zakaryan said.

As a result of unification of the financial, organizational and
technological potential of the two financial institutes the volume of
business and the client base of the Uniastrum Bank will be increased
at least threefold over the next two years.

To note, Uniastrum Bank is a strategical partner of the Armenian
Unibank, which belongs to Georgiy Piskov and Gagik Zakharyan with
equal share.