ECONOMY

Cyprus Popular boosts core Tier 1 capital

Cyprus Popular Bank Pcl, the Eastern Mediterranean island?s second-biggest lender, has boosted core Tier 1 capital by 115 million euros through the buyback of securities.

Of 450 million euros of floating rate lower Tier 2 securities maturing in 2016, 76 percent were tendered after the bank offered to repurchase them, the Nicosia-based lender said in an e-mailed statement on Monday.

[Bloomberg]