Russian bank Otkritie has sold its 19.8% stake in Cyprus-based RCB bank and will use the proceeds to fund the development of its retail business in Russia, Otkritie said recently.
Otkritie said its acquisition of the RCB had been a portfolio investment and it had exited with a substantial profit. It did not disclose the financial details of the deal.
Otkritie bought the stake in RCB in 2014 through a $124 million additional share issue. Russian state-controlled lender VTB owns a 46.3% in the Cypriot bank.
Source: InCyprus
