ECONOMY

Bank of Cyprus shares to resume trading on Dec. 16

Bank of Cyprus shares will resume trading on the Cyprus Stock Exchange on Dec. 16, bourse authorities said on Friday, some 21 months after the stock was suspended during a chaotic bailout of Cyprus.

The stock will start trading at 0.24 euros a share, the stock exchange said in a statement.

Bank of Cyprus shares were suspended in March 2013 after international lenders forced it to absorb a loss-making bank, Laiki, and seize a portion of its clients’ deposits to recapitalize after booking heavy exposures to indebted Greece.

The process, known as a bail-in, was a condition for Cyprus to receive 10 billion euros in aid from the EU and the IMF. It was the first time in the history of the euro zone debt crisis that a bank was forced to seize deposits to recapitalize.

With new owners, essentially its bailed-in clients, the bank successfully managed to raise 1 billion euros in a capital issue in mid-2014. [Reuters]