BUSINESS

BoC CEO predicts modest profits at London listing

TAGS: Cyprus, Banking, Markets

Bank of Cyprus expects modest profitability in the next quarters and will not pay a dividend this year, its chief executive said on Thursday, speaking as its shares were listed on the London Stock Exchange.

The listing in London was a vote of confidence in the City despite Britain’s looming exit from the European Union, CEO John Hourican said.

“Our board’s view is that the City of London remains the right place for us to put our bank’s stock, a de facto vote of confidence,” he said.

Cyprus’s biggest commercial lender is continuing its recovery after a bail-in of unsecured deposits and a recapitalization.

One of the investors in the recapitalization was billionaire Wilbur Ross, US President-elect Donald Trump’s pick for commerce secretary.

Funds managed by WL Ross & Co said on Thursday his confirmation would not impact his funds’ shareholdings in BoC.

[Reuters]

Online