ECONOMY

Bank of Cyprus completes third phase of share capital increase

Bank of Cyprus has completed the third phase of its share capital increase with its retail offer to shareholders, it said on Tuesday.

The bank said it received applications for 567,188 shares at 0.24 euros per share, totaling 136,125 euros.

The retail offer was the final step to be taken under a scheme which started in mid-2014 when the bank raised 1 billion euros from US and European investors in equity capital at a rate of 0.24 euros a share to increase its capital buffers before EU-wide banking stress tests.

Shares in Bank of Cyprus resumed trading on the Cyprus and Athens Stock Exchanges at 0.24 euros a share last month, some 21 months after trading was suspended and the bank was forced to bail in depositors by converting their deposits into equity as part of a rescue deal.

[Reuters]