Bank of Cyprus, Popular Bank shares suspended until April 15
Cyprus’s stock exchange said on Tuesday trading in shares of Bank of Cyprus and Cyprus Popular Bank would be suspended until April 15 inclusive to protect shareholders.
Administrators have been appointed for Popular, which will be split into a “good” and a “bad” bank, with its good assets taken by Bank of Cyprus under terms of a bailout deal with international lenders.
In addition, Bank of Cyprus’s major depositors will see 37.5 percent of their uninsured deposits converted to equity. [Reuters]
