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Bank of Cyprus announces completion of retail share issue

Xinhua, January 14, 2015 Adjust font size:

Bank of Cyprus said on Tuesday it has completed a third phase of increasing its capital by issuing 567,188 new shares worth 136,125 euros (160,437 U.S. dollars).

The new shares were sold in a retail offer at 0.24 euros each, the same price of a previous capital share increase last year.

Bank of Cyprus increased its capital by 1 billion euros in September, 2014 to pass European Central Bank stress tests after it had been restructured by converting creditors' deposits into equity to recapitalize in the world's first bail-in in March, 2013.

The bail-in was part of a 10-billion-euro bailout of Cyprus by the Eurogroup and the International Monetary Fund, which also involved the winding down of another bank and its folding into Bank of Cyprus.

Its shares resumed trading on the Cyprus and Athens Stock Exchanges at 0.24 euros per share in December following a suspension of 21 months.

Bank of Cyprus shares are currently trading at 0.213 euros per share. Endit