BUSINESS

Bank of Cyprus planning London listing

TAGS: Banking, Markets

Bank of Cyprus, the Mediterranean island’s biggest lender, said on Thursday it is planning a premium listing on the London Stock Exchange as soon as the second half of 2016, and will de-list from the Athens bourse.

Bank of Cyprus was recapitalized through a bail-in of unsecured deposits in 2013 at the height of the eurozone crisis, but returned to profit in 2015.

It said it would maintain its listing on the Cyprus Stock Exchange but did not need to be listed in Athens because it no longer had banking operations in Greece.

Potential inclusion in the FTSE UK Index series would enhance visibility and share liquidity and offer access to a greater pool of international capital, Bank of Cyprus said.

The listing would be subject to regulatory approval and the timing would be dependent on market conditions although the bank aims for the second half of this year.

[Reuters]

Online