BOC to proceed with rights issue

Bank of Cyprus Group will proceed with an issue of new shares to existing shareholders (Rights issue) towards the end of the year of approximately CYP 100 mln, Group CEO Andreas Eliades said.

The timing and the specific terms of the issue will be announced as soon as the European Directive 2003/71/EC on the prospectus to be published when securities are offered (Single Prospectus Directive) is transposed into Cypriot and Greek legislation, Eliades said.