ECONOMY

Hellenic Bank to discuss reverse split

Cyprus’s Hellenic Bank said on Thursday it would discuss a possible reverse split of its share capital at a board meeting on February 2.

The reverse split, which would reduce the bank’s number of shares, follows Hellenic Bank’s 201-million-euro capital raising in December.

It raised the cash after European Union-wide stress tests last year showed it had a 105-million-euro capital gap in an adverse scenario.

The new capital raised its core tier 1 ratio to 12.8 percent.

Hellenic said it would also be discussing the inclusion of shares in the variable remuneration package of its executive officers.

Any decisions would be subject to the approval of shareholders, it added.

[Reuters]