Saturday Jan 31, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bank of Cyprus shareholders approve 1 billion euro capital issue

Shareholders of Bank of Cyprus, which recapitalized by seizing clients' deposits in 2013, on Thursday approved plans for a 1 billion euro capital issue ahead of EU-wide stress tests later this year.

The European Bank for Reconstruction and Development, partly owned by the European Union, and investors represented by US-based billionaire Wilbur Ross, were among those signing up for the equity issue pricing Bank of Cyprus at 0.24 euro per share.

Just over 87 percent of shareholders present approved the motion at an extraordinary meeting in Nicosia on Thursday. Turnout was small, however, at almost 42 percent.

"Strengthening our bank now ... no doubt will allow us to accelerate its recovery (and) we will be able to engage with the wholesale markets more easily," Bank chief executive officer John Hourican told shareholders.

The issue, which executives said represented the single largest foreign investment made in Cyprus, would allow the bank to accelerate a restructuring plan after it was almost crippled by onerous terms of a bailout for Cyprus in early 2013.

Bank of Cyprus made history in the euro zone's debt crisis as the first bank forced to convert uninsured deposits into equity as a condition for Cyprus to receive 10 billion euros in bailout aid from the EU and the International Monetary Fund.

The bank, badly hit by its exposure to debt-crippled Greece, was under the control of the island's central bank for several months last year.

The issue will take the bank's core Tier 1 capital to 15.1 percent from 11.3 percent. [Reuters]

ekathimerini.com , Thursday August 28, 2014 (15:59)  
Increase in minimum salary is left aside for now
Decline in euro rate has exporters eyeing growth in 2015
TAIPED is stripped of its management and most projects
Tourism to build on last year’s massive growth
Judges´ report on Golden Dawn case expected next week
A final decision by the Council of Appeals Court Judges weighing the merits of the case against ultranationalist party Golden Dawn is expected next week, marking the final step for the case ...
Karamanlis, Bakoyannis discuss ND´s future
Ex-Foreign Minister Dora Bakoyannis remained tight-lipped on Friday after an hourlong meeting with former Prime Minister Costas Karamanlis as New Democracy continues to absorb the impact fro...
Inside News
BASKETBALL
Panathinaikos preserves perfect home record
After yet another great performance at home, Panathinaikos defeated Galatasaray 86-77 in Athens on Friday to get to three wins in five games at the Euroleague top-16. The Greek champion shoo...
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
Inside Sports
INTERVIEW
SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
“SYRIZA must realize that it is now the Greek government, not a party running an election campaign,” European Parliament President Martin Schulz, the first European official to visit Greece ...
COMMENTARY
Strange haste
The members of the new government must have a lot of confidence in themselves. Several days before announcing his program, Prime Minister Alexis Tsipras and his cabinet have opened up a mult...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Panathinaikos preserves perfect home record
2. Increase in minimum salary is left aside for now
3. Decline in euro rate has exporters eyeing growth in 2015
4. TAIPED is stripped of its management and most projects
5. Tourism to build on last year’s massive growth
6. HFSF portfolio sees its value diminish
more news
Today
This Week
1. SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
2. Why Greece went left while Europe turns to right
3. Capital flees Greece at fastest pace since 2011
4. Greek government's signals very mixed, ECB's Jazbec says
5. EU's Schulz: Greece should follow EU line on Russia
6. Monastiraki restaurant fire prompts panic, restricted before spread
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greek Elections 2015: The day after | LIVE
5. SYRIZA's win will test institutions
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.