January 22, 2015 / 3:41 PM / 3 years ago

Cyprus's Hellenic Bank to discuss possible reverse share split

NICOSIA, Jan 22 (Reuters) - Cyprus’s Hellenic Bank said on Thursday it would discuss a possible reverse split of its share capital at a board meeting on Feb. 2.

The reverse split, which would reduce the bank’s number of shares, follows Hellenic Bank’s 201 million euro capital raising in December.

It raised the cash after European Union-wide stress tests last year showed it had a 105 million euro capital gap in an adverse scenario. The new capital raised its core tier 1 ratio to 12.8 percent.

Hellenic said it would also be discussing the inclusion of shares in the variable remuneration package of its executive officers.

Any decisions would be subject to the approval of shareholders, it added.

Reporting By Michele Kambas. Editing by Jane Merriman

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