Bank of Russia - ALFA, opens a 'daughter' in Cyprus

Альфа-Банк

The shareholders and the board of the Russian Alfa Bank decided to open the company Alfa Capital Markets in the Republic of Cyprus to conduct corporate and investment business in foreign markets. Preparatory procedures will take at least a year. It will be a “daughter” of Alfa-Bank, explained the PRIME news agency in the press service of the bank. This will happen after obtaining all the necessary permits and approvals from the Russian and Cypriot regulators.

Recall that Alfa Bank is the largest private bank in Russia by assets. IFRS net profit of Alfa Bank Group in 2018 increased by more than one and a half times to $ 1.321 billion. The total assets of the banking group, which includes Alfa Bank, ABH Financial and subsidiaries, grew by 5.5% to $ 47.2 billion (as of the end of 2018). The group’s capital for the reporting period increased by 12.8% to $ 7.198 billion.

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