KIEV, Nov. 19 - Bank of Cyprus Public Company Ltd (Bank of Cyprus) has announced that it has signed a sale and purchase agreement to acquire a 95% stake in Ukrainian bank AvtoZAZBank for about EUR52 million.

"With the aforementioned purchase, the Bank of Cyprus Group expands in line with its strategic plan in countries with significant economic growth potential, large population, relatively low banking penetration and a high degree of recognition for the Bank of Cyprus," reads a report by the bank issued on Monday.