articles | 13 January 2015

Bank of Cyprus completes retail share issue

Bank of Cyprus has completed the third phase of its share capital increase with its retail offer to shareholders, it said recently.

The bank said it received applications for 567,188 shares at €0.24 per share, totalling €136,125.

The retail offer was the final step to be taken under a scheme, which started in mid-2014 when the bank raised €1 billion from U.S. and European investors in equity capital at a rate of €0.24 a share to increase its capital buffers before EU-wide banking stress tests.

Shares in Bank of Cyprus resumed trading on the Cyprus and Athens Stock Exchanges at €0.24 a share last month, some 21 months after trading was suspended and the bank was forced to bail in depositors by converting their deposits into equity as part of a rescue deal.

The shares were trading down 0.5% at €0.213 on Tuesday morning.

Source: Cyprus Mail

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