Possible London listing for Bank of Cyprus

Bank of Cyprus (BoC) could shift its stock market listing to the London Stock Exchange from Athens, according to a recent report by PEHub.

“It feels to people like a Greek stock,” PEHub cited Chairman Wilbur Ross saying during his keynote speech at Buyouts Chicago conference Tuesday.

“Hopefully (a move to the London Stock Exchange) will change people’s perception.”

The Cyprus Weekly first reported on a possible London listing two weeks ago. The paper’s sources said that the move would come help the bank go for a bond issue by the end of 2015, following the expected appointment of a new Chief Executive Officer (CEO) this month.

Both the Athens Stock Exchange and the Cyprus Stock Exchange suffer from a lack of liquidity as well as the fallout from the on going Greek crisis.

On Thursday BoC stock was trading at around €0.22 per share with volumes of just €5.6 million.

BoC has some exposure to the London market via the FTSE/CySE 20 index.

Source: InCyprus

Cyprus Profile

articles | 25 June 2015