Bank of Cyprus explores capital options at June 26 board meeting

Bank of Cyprus, which recapitalised by turning investors’ deposits to equity in 2013, said it would discuss funding and capital issues at its next board meeting on June 26.

The bank said it would explore funding and capital options that could speed up its restructuring.

Bank of Cyprus is one of four Cypriot lenders which will undergo stress tests this year, a eurozone wide survey on 128 banks designed to ensure they have enough capital to withstand another debt crisis.

Based on its first-quarter results, the first time it showed a profit in seven straight quarters.

In 2013, it was forced to convert a large percentage of uninsured deposits exceeding 100,000 euros ($135,900) to equity to recapitalise the bank, heavily exposed to debt-stricken Greece. Several wealthy Russians are now represented on its board after their deposits were converted into shares in the bank. [Reuters]