The Sunday Telegraph reports that the Bank of Cyprus (BoC) is interested in being listed on the London Stock Exchange by next April.
It is hoped to achieve more visibility and encourage growth of the BoC’s current capital to the value of €3.5bn, as stated by the bank’s outgoing Chief Executive Officer John Hourican.
Mr Hourican continued in a statement to the Telegraph:
“It is time for the Bank of Cyprus to be listed in a proper stock exchange since it is investible. The BoC is already listed on the Cyprus Stock Exchange and the Athens Stock Exchange, where it was suspended since the banking crisis Cyprus was facing in March 2013, and resumed later that December.”
He also refers to the listing in Athens as the bank’s ‘Greek scar’. BoC is the largest Cypriot bank regarding both loans and deposits, generating €29m in net earnings in the first trimester of this year, even though the bank’s share remains under pressure and reached its lowest point in January 29th.
Bank of Cyprus has already begun the preparatory work, for the listing on the London Stock Exchange or the Financial Times Stock Exchange, a subsidiary of the first.