KIEV, Jan. 28 - Russia's Alfa Group is buying Bank of Cyprus (Ukraine), the subsidiary of the Bank of Cyprus in Ukraine.

"Negotiations on sale of the bank to Alfa Group are underway, but the agreement has not been signed," a Bank of Cyprus representative told Interfax.

However, the newspaper Kommersant-Ukraine reported that Bank of Cyprus Group has already signed an agreement on sale of 99.77% of the Ukrainian subsidiary to Alfa.