articles | 15 September 2015

Bank of Cyprus in London roadshow

Bank of Cyprus is seeking to get “a feeling” on how investors in London would react to a possible security issue which would help the lender repay its outstanding emergency liquidity to the European Central Bank, a bank source said recently.

“Officials are in London for a non-deal road show,” the source said on condition of anonymity. “So far no decision has been taken on whether any security will be issued”.

The bank said on August 26 that it reduced its dependence on ELA to €5.4 billion from €11.4 billion in April 2013.

Chief executive officer John Hourican said that the lender wants to eliminate the remaining amount “as early as possible because we don’t regard it sensible for our bank”.

Source: Cyprus Mail

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