AGL 40.39 Increased By ▲ 0.39 (0.98%)
AIRLINK 127.51 Increased By ▲ 0.47 (0.37%)
BOP 6.61 Decreased By ▼ -0.06 (-0.9%)
CNERGY 4.49 Decreased By ▼ -0.02 (-0.44%)
DCL 8.56 Increased By ▲ 0.01 (0.12%)
DFML 42.05 Increased By ▲ 0.61 (1.47%)
DGKC 87.25 Increased By ▲ 0.40 (0.46%)
FCCL 32.60 Increased By ▲ 0.32 (0.99%)
FFBL 65.16 Increased By ▲ 0.36 (0.56%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.50 Decreased By ▼ -0.07 (-0.06%)
HUMNL 14.58 Decreased By ▼ -0.10 (-0.68%)
KEL 5.13 Increased By ▲ 0.08 (1.58%)
KOSM 7.54 Increased By ▲ 0.08 (1.07%)
MLCF 41.60 Increased By ▲ 0.22 (0.53%)
NBP 59.53 Decreased By ▼ -0.88 (-1.46%)
OGDC 194.39 Increased By ▲ 4.29 (2.26%)
PAEL 28.15 Increased By ▲ 0.32 (1.15%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 151.89 Increased By ▲ 1.83 (1.22%)
PRL 26.50 Decreased By ▼ -0.38 (-1.41%)
PTC 16.05 Decreased By ▼ -0.02 (-0.12%)
SEARL 82.50 Decreased By ▼ -3.50 (-4.07%)
TELE 7.46 Decreased By ▼ -0.25 (-3.24%)
TOMCL 35.40 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.19 Increased By ▲ 0.07 (0.86%)
TREET 16.20 Decreased By ▼ -0.21 (-1.28%)
TRG 52.80 Decreased By ▼ -0.49 (-0.92%)
UNITY 26.50 Increased By ▲ 0.34 (1.3%)
WTL 1.24 Decreased By ▼ -0.02 (-1.59%)
BR100 9,941 Increased By 57.7 (0.58%)
BR30 30,868 Increased By 268.4 (0.88%)
KSE100 93,887 Increased By 531.2 (0.57%)
KSE30 29,089 Increased By 158.1 (0.55%)

Bank of Cyprus, the east Mediterranean island's largest lender, said on Tuesday it would apply for a listing on the London Stock Exchange as part of its restructuring drive. "We are delighted to be applying for a listing on the London Stock Exchange, which marks another significant step in the bank's transformation," said BoC chairman Josef Ackermann in a statement.
"We believe that the bank, and its stakeholders, will benefit from the greater profile, liquidity and access to capital that a London listing offers." Ackermann said the listing would enhance the group's ability to play a key role in supporting the Cyprus economy's growth. The bank said it still intends to maintain a listing on the Cyprus exchange but will no longer be listed in Athens.
"The London listing is in line with the bank's long-term strategic commitment to list on a major European stock exchange," a BoC statement said. "In order to facilitate this process, a new holding company has been incorporated in Ireland, which is intended to become the new holding company of the Group." In the future, BoC hopes to become eligible for inclusion in the FTSE UK Index series.
In March 2013, Cyprus secured a 10-billion-euro loan from the European Union and International Monetary Fund to bail out its troubled economy and oversized banking system. Under the deal, the government was required to close the island's second-largest bank, Laiki, and impose a 47.5 percent haircut on deposits above 100,000 euros at BoC.
The bank has since undergone major restructuring, which included absorbing the good assets of the former Laiki Bank and selling assets. Also on Tuesday, BoC announced post-tax profits of 5 million euros in the third quarter of 2016 and 62 million euros for the nine months ending September 30.

Copyright Agence France-Presse, 2016

Comments

Comments are closed.