Bank of Cyprus has informed the Cyprus Security and Exchange Commission (CYSEC) about its intention to conclude the sale of its Ukrainian subsidiary at a lower price than the price originally offered, a CYSEC source said on Tuesday on condition of anonymity.

ABH Ukraine Ltd, which is part of Russia's Alfa Group, had offered 225 million euros (309 million U.S. dollars) in January to buy PJSC Bank of Cyprus unit in Ukraine, after the Cypriot lender was forced to shed off all of its foreign operations under a bailout deal between Cyprus and international lenders.

However, Alfa Group invoked the instability in Ukraine which it said was hurting its financial position and lowered its offer by 10 percent, cutting the purchase price to 202.5 million euros.

After its board of directors approved the lower offer, Bank of Cyprus said in a statement on Monday that the sale is expected to be finalized in the near future subject to approvals by the relevant regulatory authorities.

Bank of Cyprus had to recapitalize last year by seizing the money of large depositors, among them many wealthy Russians, who have become the lender's new shareholders.

The bank promised to issue a statement providing information about the "financial impact of the transaction" after it will be completed.

Cyprus' state television said the selling price will be paid in two installments, with the first installment of 102.5 million euros paid immediately and the rest a year later.