articles | 02 September 2014

Bank of Cyprus expects to re-list in October 2014

Bank of Cyprus (BoC) said recently it expected its shares to re-list on the Cypriot and Athens stock exchanges by the end of October 2014, after shares of the bank were suspended from trading in March 2013.

The lender was caught up in the tumult of an international bailout for Cyprus which forced the lender to convert 47.5% of uninsured deposits exceeding €100,000 into equity to recapitalise the bank.

On August 28, the bank obtained shareholder approval to raise capital by an additional €1 billion, designed to bolster regulatory capital and assist in a restructuring programme ahead of European Union-wide stress tests later this year.

New shareholders include investors represented by US investor Wilbur Ross and the European Bank for Reconstruction and Development.

Upon completion of the capital issue, the bank said it would proceed with a retail offer of up to €100 million in shares to existing shareholders, at €0.24 a share, the same price offered in the €1 billion issue.

“Subject to obtaining the necessary regulatory approvals, the Bank currently anticipates that the retail offer and the listing of its ordinary shares on the Cyprus Stock Exchange and the Athens Stock Exchange will take place by the end of October 2014,” the bank said in a statement.

Source: Cyprus Mail

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