September 23, 2010 / 11:22 AM / 7 years ago

Russian oligarch key shareholder in Bank of Cyprus

NICOSIA, Sept 23 (Reuters) - Russian oligarch Dmitriy Rybolovlev is the primary beneficiary of an offshore fund that took a large stake in Bank of Cyprus BOC.CY BOCr.AT this week, the bank said on Wednesday.

Bank of Cyprus said the fund, Odella Resources, belonged to a discretionary trust of which Rybolovlev and his two daughters were the primary beneficiaries, it said in a stock exchange filing.

Odella, registered in the British Virgin Islands, bought 7.57 percent of the bank this week, taking its stake to 9.7 percent. The majority of the shares were sold by the bank’s employee provident fund on Tuesday.

Rybolovlev is Russia’s 10th richest man.

Bank of Cyprus, the island’s largest bank, also operates in Greece and has an expanding presence in Russia, where it bought a bank two years ago. (Writing by Michele Kambas; Editing by Will Waterman)

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