Saturday, January 21, 2017
Bank of Cyprus begins trading in London
The Bank of Cyprus has moved its shares to the London market in the hope of tapping into global investors, marking the latest step in the company’s recovery since a bailout four years ago.
The bank has transferred its listing from Athens to the main London market to raise its profile among shareholders. The debut comes days after its return to the debt markets for the first time since wiping out its old bondholders in 2013, and a week after it paid back the last slice of its €11.4bn state rescue.
Another great achievement for the bank. They are now listed on a major exchange, they have paid back the entirety of the ECB bailout and have successfully went back to the bond market for capital. The non performing loans are still very high at almost 50% but the bank has been progressively working this number down quarter after quarter.
This is working out just as expected and I anticipate a re-rating of the stock over the course of the year.