Thursday October 23, 2014 Search
Weather | Athens
22o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bank of Cyprus completes capital increase

Bank of Cyprus, the island’s largest lender, has completed a 1 billion euro ($1.34 billion) capital increase in a private placement to help it restructure following a haircut on deposits last year.

BoC announced late Monday the successful placement of 4.2 billion new ordinary shares at a price per share of 24 euro cents.

“Shares were allocated to a broad range of institutional investors from Europe, North America and Russia, including a number of international investors introduced by WL Ross & Co LLC and the European Bank for Reconstruction and Development,” BoC said.

Existing shareholders will be able to acquire up to 20 percent of the shares offered in the private placement scheme, with the initial allocation adjusted in line with their subscriptions.

The increase will take the bank’s core Tier 1 capital to 15.1 percent from its present level of 10.6 percent.

BoC said the capital injection will help it restructure more quickly, withstand upcoming EU bank stress tests and help stimulate a recovery of the recession-hit Cyprus economy.

“The success of the private placing demonstrates the confidence that international institutional investors have in the Bank’s turnaround and the economic recovery in Cyprus, only a year after the bank exited resolution status,” said BoC CEO John Hourican.

He said it was the biggest single foreign investment in Cyprus.

American billionaire investor Wilbur L. Ross said in a statement: “We are pleased to assist with the introduction of international investors who are committed to buying about 40 percent of this placement.

“This country had been thriving prior to the European financial crisis and we believe it is well on its way toward recovery,” he added.

Cyprus agreed in March 2013 to a 10-billion-euro rescue package with the European Commission, European Central Bank and International Monetary Fund to bail out its troubled economy and oversized banking system. [AFP]

ekathimerini.com , Wednesday August 6, 2014 (10:28)  
Stocks give up 0.37 percent in quiet session
Solidarity tax to be extended for two years
Spanish unemployment lowest since 2011 as economy grows
EU requests clarification on Italy´s ´breach´ of budget goals
Four Greek firms accused of EU subsidy fraud
An Athens Court of First Instance prosecutor has brought criminal charges of fraud against four Greek companies believed to have pocketed millions of euros in European Commission subsidies w...
New state body to be set up for truck safety in wake of accidents
In the wake of a spate of serious road accidents caused by trucks, Transport Minister Michalis Chrysochoidis on Thursday heralded the creation of a new state body to oversee truck safety. Ch...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Tension for tension’s sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has – and prevailed – if he had not been so keen to confront a series...
COMMENTARY
Defusing a crisis
The crisis in Cyprus is escalating rapidly and defusing it is an extremely delicate and complicated procedure that will inevitably lead to losses for the weakest of the two sides. The course...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Stocks give up 0.37 percent in quiet session
2. Four Greek firms accused of EU subsidy fraud
3. New state body to be set up for truck safety in wake of accidents
4. Independent Greeks leader claims MPs were blackmailed
5. Charges brought against OKANA chiefs over finances
6. Pharmacists’ chief warns of drugs shortage in Greece
more news
Today
This Week
1. Strong winds hamper sea travel
2. TBEX brings together 800 travel bloggers in Athens
3. Samaras to represent Anastasiades at European Council meeting
4. Cyprus president to sit out EU summit due to high blood pressure
5. Arrivals show increase in January-June 2014 period
6. Spanish unemployment lowest since 2011 as economy grows
Today
This Week
1. Coalition shooting itself in the foot
2. Istanbul skyscraper casts shadow over Greece's banking ambitions
3. The past, present and future of the Greek debt crisis
4. Greece’s closed society is central to its current malaise
5. Greece must stick to reforms, says Schaeuble
6. At least 11 banks to fail European stress tests, three in Greece, report says
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.