articles | 06 April 2016

BoC says LSE listing is the right thing to do

A listing to the London Stock Exchange and a premium listing is the right thing to do, Bank of Cyprus' John Patrick Hourican has said.

The Bank announced it will pursue a listing in the London Stock Exchange’s main market through a premium listing.

"We decided that the London Stock Exchange and a premium listing is the right thing for us to do. WE think is great for Bank of Cyprus to be listed in one of the world’s most important exchanges and for the transparency and good governance objectives that we have been pursuing,” he said speaking to the press in the side-lines of an event of Cyprus anti-cancer society.

Noting that Bank of Cyprus will retain its listing in Cyprus Stock Exchange, Hourican said that "we have to create a mechanism to get good liquidity and value discovery in the stock.”

Bank to go ahead with staff reduction

Replying to question about a voluntary retirement scheme that did not meet the objective of the bank`s administration, Hourican said "we are looking all other mechanisms to see how our very important commercial objectives.”

"While we make no apologies for pursuing those objectives by increasingly less voluntary mechanisms we are also making sure that we are approaching it in dignified way for our staff.” he added.

The scheme presented by the bank failed to meet the administration objectives as 76 employees applied for voluntary retirement, much less than the target of 200–250.

But Hourican said that the bank would not present a more generous plan like the one Alpha Bank, a Greek subsidiary operating in Cyprus offered its staff.

"We have our plans in front of our union representatives and we have set out the plan we believe is sensible. Alpha bank (plan) is for Alpha not for us,” he concluded.

Source: Famagusta Gazette

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