Sunday March 1, 2015 Search
Weather | Athens
11o C
6o 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)  
Schaeuble softens tone, says Greece needs time
Greece to prioritize IMF repayments but wants talks on ECB-held bonds, says Varoufakis
Greece seeks negotiations on ECB bond repayment
Piraeus plans are coming in next few weeks
Greeces lenders skeptical on new bills but focus on funding needs
European officials have expressed concern that the Greek government has not consulted with its partners over its plans to bring new legislation to Parliament this week but the greatest focus...
Lenders to be consulted over collective bargaining
Greece will consult with its lenders over changes to labor regulations that will reintroduce collective bargaining for Greek workers, Labor Minister Panos Skourletis has told Kathimerini. Th...
Inside News
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
SOCCER
Ten-man Olympiakos couldnt overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, because it is in no ones interest, as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Schaeuble softens tone, says Greece needs time
2. Greece to prioritize IMF repayments but wants talks on ECB-held bonds, says Varoufakis
3. Greeces lenders skeptical on new bills but focus on funding needs
4. Lenders to be consulted over collective bargaining
5. Alleged accomplices of N17s Xeros caught in Athens
6. Hellas Gold and workers react to Greek govt decision on plan permit
more news
Today
This Week
1. Greece's lenders skeptical on new bills but focus on funding needs
2. Schaeuble softens tone, says Greece 'needs time'
3. Greece to prioritize IMF repayments but wants talks on ECB-held bonds, says Varoufakis
4. Lenders to be consulted over collective bargaining
5. Greece seeks negotiations on ECB bond repayment
6. Spain, Portugal sought to trip up govt, Tsipras says
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. Greek bailout deal faces review by euro officials next week
3. Greece says eurozone deal won time as cash bled from banks
4. The ignorance of the West about the culture of Islam
5. A fierce battle looms
6. Spain said to lead push to hold Greece to terms as Podemos grows
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.