Bank of Cyprus to continue pursuing listing on London Stock Exchange

Bank of Cyprus will continue pursuing a premium listing on the London Stock Exchange (LSE) after Britain's decision to leave the European Union (EU), but hinted at changes in its original plans, it said Thursday.

"While plans to pursue a premium listing on the LSE are at this stage unchanged, the bank is closely monitoring market reaction to inform its decisions on timing of the intended listing," a bank statement said.

The Bank of Cyprus said it had been considering the incorporation of a new holding company, presumably under British jurisdiction. But it is now considering changing the country of incorporation to take account of Britain's exit from the EU.

"The bank will continue to consult with its shareholders and other stakeholders in determining the appropriate course of action, including the appropriate country of incorporation for the new holding company, with a focus on a jurisdiction within the eurozone," the statement said.

The Bank of Cyprus is the only bank in the world to have been recapitalized with a "bail-in," through the seizing of depositors money.

As part of Cyprus' 2013 bailout worth 10 billion euros (11.14 billion U.S. dollars) by the Eurogroup and the International Monetary Fund, the Bank of Cyprus was made to convert 47.5 percent of large deposits over 100,000 euros into stock.

It consequently had to recapitalize further, drawing funds from U.S. billionaire Wilbur Ross and the European Bank of Reconstruction and Development. Endit