Bank of Cyprus, the East Mediterranean island’s largest lender, said Tuesday it would apply for a listing on the London Stock Exchange as part of its restructuring drive.
“We are delighted to be applying for a listing on the London Stock Exchange, which marks another significant step in the bank’s transformation,” said BoC chairman Josef Ackermann in a statement.
“We believe that the bank, and its stakeholders, will benefit from the greater profile, liquidity and access to capital that a London listing offers.”
Ackermann said the listing would enhance the group’s ability to play a key role in supporting the Cyprus economy’s growth. The bank said it still intends to maintain a listing on the Cyprus exchange but will no longer be listed in Athens.
“The London listing is in line with the bank’s long-term strategic commitment to list on a major European stock exchange,” a BoC statement said.
“In order to facilitate this process, a new holding company has been incorporated in Ireland, which is intended to become the new holding company of the group.” [AFP]