Cyprus Popular Bank completes capital increase

Cyprus Popular Bank Pcl, the eastern Mediterranean island?s second-biggest bank, completed a 1.8-billion-euro share capital increase. The government, as underwriter, will acquire 17.96 million shares that were left unsubscribed for 10 euro cents each, according to an Athens bourse filing Monday.

Cyprus?s Finance Ministry said it is committed to ensuring the stability of the island?s financial sector and will work closely with the European Commission, European Central Bank and International Monetary Fund.

?Banks? capital needs will be assessed after a thorough examination of their assets and in respect of EU state aid rules,? according to an e-mailed statement from the Nicosia-based ministry. [Bloomberg]