Arab Today, arab today shareholders approve bank of cyprus €1bn issue
Last Updated : GMT 22:04:34
Arab Today, arab today
Arab Today, arab today

Shareholders approve Bank of Cyprus €1bn issue

Arab Today, arab today

Arab Today, arab today Shareholders approve Bank of Cyprus €1bn issue

Bank of Cyprus branch in the capital Nicosia
Nicosia - AFP

Shareholders in Bank of Cyprus, the island's largest lender, Thursday approved a one-billion-euro ($1.34-billion) capital increase from private placement to help it survive following a haircut on deposits last year.
BoC announced that 87 percent of shareholders present at an EGM (extraordinary general meeting) approved the capital issue, placing 4.16 billion new ordinary shares at a price per share of 24 euro cents.
The placement attracted institutional investors from Europe, North America and Russia, including a number of international investors introduced by WL Ross & Co LLC and the European Bank for Reconstruction and Development.
The increase will take the bank's core Tier 1 capital to 15.1 percent from its present level of 11.3 percent.
BoC said the capital injection will help it restructure more quickly, withstand upcoming EU bank stress tests and help stimulate a recovery of the recession-hit Cyprus economy.
CEO John Hourican said in a statement it is the biggest ever single foreign direct investment into Cyprus and “ensures that Bank of Cyprus becomes one of the best capitalised banks in Europe”.
“It also enables us to accelerate the implementation of the bank’s restructuring plan. We remain committed to supporting the Cypriot economic recovery, serving our customers and delivering value for our shareholders,” he added.
Cyprus agreed in March 2013 to a 10-billion-euro rescue package with the European Commission, European Central Bank and International Monetary Fund to bail out its troubled economy and oversized banking system.
The deal included the closure of the island's second-largest bank, Laiki, and a 47.5 percent "haircut" on deposits above 100,000 euros at BoC – the first eurozone bank forced to impose a bail-in.
Many of those large BoC depositors were Russian and in return they got shares in the lender, with several Russians now represented on the board.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shareholders approve bank of cyprus €1bn issue Arab Today, arab today shareholders approve bank of cyprus €1bn issue

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday