World of Tanks dev to control 30 percent of Cyprus' second-biggest bank

Wargaming to spend €40 million to increase stake in country's second-largest financial institution.

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World of Tanks developer Wargaming is poised to control 30 percent of Cyprus' second-largest financial institution, Hellenic Bank, according to documents filed on November 1 and discovered by Bloomberg.

Wargaming will spend €40 million ($53.5 million) to increase its stake in the bank, making it one of the institution's largest shareholders.

Founder Victor Kislyi originally established Wargaming's headquarters in Cyprus, a known tax haven, before the country was adversely impacted by the global economic crisis recently.

Russian business publication Vedomosti reported that Wargaming likely had money in the bank that was frozen and sought to buy into the bank as a means to get hold of the capital. Wargaming has not commented.

Wargaming recently acquired the rights to the Total Annihilation and Master of Orion franchises from Atari. The company's latest project is World of Tanks for the Xbox 360, which is currently in beta.

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