Russian investors have expressed interest in further investing in Bank of Cyprus, the Russian Ambassador Stanislav Osadchiy said Friday.
Speaking to the press following a meeting with George Lillikas, President of the movement “Citizens Alliance”, the Russian Ambassador expressed his satisfaction over the election of six Russians at the BoC Board, noting that the delay in the selection of the names, didn`t not influenced the whole situation.
He went on to say that Russia closely watch follows the developments at BoC and the Cyprus economy in general , adding that the presence of the Russians in the Board will assist in the recovery of the economy.
Cyprus and the European Commission, the European Central Bank and the IMF, collectively called as the Troika, agreed last March on a €10 billion EU bailout which featured a unprecedented conversion of 47.5% of uninsured deposits in the island`s largest lender, Bank of Cyprus (BOC), in a bid to plug its capital shortfall, in what is being called as a bail in.
BOC also absorbed the "good" part of Laiki Bank which will be wound down. As a result BOC is currently recording capital adequacy ration (Core Tier 1 capital) of 12% well above of the 9% threshold set out by the regulating framework.
Bank of Cyprus’ board members, were elected September 10.
The new BoC board will elect a new CEO and will implement a restructuring plan as stipulated in the memorandum of understanding agreed with the Troika.