NICOSIA, May 30 (Xinhua) -- One of Bank of Cyprus (BoC) stockholders, Russian Magnate Viktor Vekselberg, has abruptly sold all his 9.3 percent stake in the eastern Mediterranean island's primary lender, local media reported on Wednesday quoting an unnamed source familiar with the issue.
The media said that details of the transaction, such as the name of the purchaser and the price of the shares, were not known yet.
However, BoC is bound by law to make an announcement of the change in the composition of its shareholders on the Cyprus Stock Exchange and the London Stock Exchange, where the lender is listed.
BoC's share on the London Stock Exchange posted on Tuesday was trading at about 1.80 euros, one third of the price Vekselberg paid for his participation in the lender's recapitalization in October 2014.
BoC posted an after-tax profit of 43 million euros on Tuesday relative to a net profit of 1 million euros a year before.
Vekselberg had participated in Bank of Cyprus' capital increase in August 2014 and had been a member of the lender's board.
He had expressed interest in further expanding his stake in the bank and the government of Cyprus decide last year to offer him an honorary Cypriot citizenship in recognition of his contribution towards the recovery of the economy after the 2013 financial crisis and bail-out.
However, a spokesman for Vekselberg said at the time he only had the Russian citizenship.
Vekselberg was included last month in the United States list of personalities who would face sanctions following alleged attacks on civilian targets in Syria.
