articles | 09 September 2014

Bank of Cyprus to return to share-trading in October 2014

Bank of Cyprus (BoC) shares could resume trading on the floor of the Cyprus bourse by end-October 2014, the head of the Securities and Exchange Commission (CySEC) said recently.

“We shall try to stay within the extension (for re-listing the shares) that we have given,” CySEC head Demetra Kalogirou said in response to a reporter’s question.

She was speaking coming out of a meeting with the bondholders association. 

Shares in BoC have been suspended on the Athens and Nicosia stock exchanges since last year. 
In 2013 thousands of customers with money in BoC saw almost half of their money above a €100,000 threshold turned into equity.

Late last month BoC shareholders approved a €1billion capital raise; the proceeds of the issue are to be used to repay €1billion of the more than €9 billion of emergency liquidity assistance that the bank received from eurozone central banks.

The deal with private investors was designed to shore up the bank’s capital ratios ahead of European asset quality review and stress tests.

In addition to the €1 billion, Bank of Cyprus is planning to offer €100 million of equity to retail investors.

Kalogirou said the financial regulator has received from BoC the prospectus for the €100 million issue and is currently assessing it.

Source: Cyprus Mail

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