BoC increases Core Tier 1 capital

Bank of Cyprus Pcl, the island?s biggest bank, said on Tuesday it boosted its Core Tier 1 capital 594 million euros after a capital-raising plan.

?The bank?s Core Tier 1 capital has increased by 594 million euros of which approximately 160 million euros relates to the exercise of rights and applications for pre-registration and 434 million euros relates to the acceptance of the offer to exchange Convertible Enhanced Capital Securities,? the Nicosia-based lender said in an e-mailed statement.

About 897 million new shares will be issued.