Russian bank Otkritie has offloaded its 19.8% stake in Russian Commercial Bank (RCB), a Cyprus-based lender, for an undisclosed sum.

Otkritie said that the divestment was done at a substantial profit, without revealing any further financial details of the deal.

Otkritie acquired the stake through a $124m additional share issue in 2014. The sale of this stake will offer the management of RCB majority control of the bank.

VTB, the Russian state-owned bank, also holds a 46.3% in the Cypriot lender.

“The Board of Directors of RCB Bank notes that the change in the shareholding structure reflects the strategic objectives of the Bank to continue its successful business development with the focus on Cypriot and European markets,” RBC said in a statement.