August 24, 2017 / 7:02 AM / a year ago

Russia's Otkritie sells stake in Cyprus bank

MOSCOW, Aug 24 (Reuters) - Russian bank Otkritie has sold its 19.8-percent stake in Cyprus-based Russian Commercial Bank and will use the proceeds to fund the development of its retail business in Russia, Otkritie said on Thursday.

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-percent in the Cypriot bank. (Reporting by Kira Zavyalova; writing by Maria Kiselyova; Editing by Christian Lowe)

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