Source: http://www.sigmalive.com/news/oikonomia/73169
Thanks to Bishopcy for this one
Hello everyone,
as we all know, Wargaming.net (or rather, Wargaming Public Company Ltd.) is located on Cyprus. I think we all can guess the reason (no, it’s not the weather). Now, what do you do when you have a lot of money? You put it in a bank? Nah. You buy a bank.
According to the abovelinked article (and if any of you guys understand Greek and is an economist, feel free to correct me if I wrote something wrong), Wargaming made a 50 million EUR bid yesterday to buy a majority share in one of the three biggest banks on Cyprus, the Hellenic Bank. Apparently, Wargaming has one competitor for the share purchase, whose bid was however smaller. The reason for this investment seems to be the fact that the bank is in dire need of recapitalization (35mil EUR), which both offers seem to cover.
This strategic move into the financial sector illustrates Wargaming’s broader intent to embed itself within the diverse digital economy flourishing on the island. Cyprus has rapidly transformed into a Mediterranean tech hub, hosting a sprawling ecosystem that includes massive logistics firms, software development centers, and a high-performing casino mobile sector that has grown alongside the traditional gaming industry. By acquiring a seat at the table of a major national bank, Wargaming isn’t just parking cash; they are building the institutional backbone for a corporate footprint that is expanding far beyond the battlefields of their digital tank fleets.
This article contains one more interesting fact: while the turnover for Wargaming in 2012 was 217 mil. EUR, for first 6 months of 2013 it is already 234 mil. EUR. The article also mentions the Golden Joystick Wargaming recieved as a sign of the company health and stability.