As Cyprus continues to feel the after-effects of the recent bailout, it remains one of the places most devastated by the recent global economic crisis. In the midst of all the gloom and doom, it may come somewhat as a surprise that Hellenic Bank, the second-largest financial institution in Cyprus, now counts a developer of online strategy games among its biggest shareholders. Wargaming.net is spending 40 million euros to increase its stake in the bank, the “World of Tanks” gamemaker is poised to own 30 percent of Hellenic…hmmm, so where’s their banking track-record in a time when stability is so desperately needed? World of Tanks maybe, but certainly not world of banks! Besides, with Cyprus’s history, isn’t it ironic that a major investor is a developer of war-games?

Victor Kislyi started Wargaming in 1998, setting up the company’s headquarters in Cyprus, a popular tax haven long before any economic turmoil. Vedomosti, a Russian business publication suggested that the gamemaker probably had funds in the bank that got frozen and needed to buy into the bank to be able to withdraw them. Sounds like a pretty desperate strategy considering that game strategy is their USP! However, it may be Wargaming.net’s only remaining tactic…

Accounts in Cyprus were frozen in March to stop bank runs when euro-area finance ministers decided to tax deposits to raise money to aid in a rescue plan. Others with money trapped in Cypriot banks have taken similar steps to recover deposits: In September, several Russians were elected to the Bank of Cyprus board where capital controls blocked accounts. As a company, figures look good with sales of 218 million euros last year and 2,200 people employed in 16 locations around the world. “World of Tanks” has 65 million users and have just made their debut on the Xbox 360. They are also preparing to release “World of Warplanes” and “World of Battleships.” As of March 26, Wargaming.net had deposits in several banks including Bank of Cyprus, the nation’s largest. The game maker has not surprisingly expressed “uncertainties” regarding the situation in Cyprus and raises questions as to what strategy is next on the cards for Wargaming.net and to what the future holds for Hellenic Bank…