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UPDATE 1-Bank of Cyprus says expects share listing by end Oct
September 1, 2014 / 5:17 PM / 3 years ago

UPDATE 1-Bank of Cyprus says expects share listing by end Oct

(Adds detail)

NICOSIA, Sept 1 (Reuters) - Bank of Cyprus, the Cypriot lender which recapitalised last year using depositors’ savings, said on Monday it expected its shares to re-list on the Cypriot and Athens stock exchanges by the end of October.

Shares of the bank were suspended from trading in March 2013, caught up in the tumult of an international bailout for Cyprus which forced the lender to convert 47.5 percent of uninsured deposits exceeding 100,000 euros into equity to recapitalise the bank.

On Aug. 28, the bank obtained shareholder approval to raise capital by an additional 1 billion euros, 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 U.S. 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 euros in shares to existing shareholders, at 0.24 euros a share, the same price offered in the 1 billion euro 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. (Reporting By Michele Kambas, editing by David Evans)

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