Bank of Cyprus plans €1.34 bln capital issue

Bank of Cyprus said on Monday it planned an issue of up to 1.34 bln euros worth of Convertible Enhanced Capital Securities to meet tighter capital rules.
Existing shareholders will have priority rights to subscribe, the bank said in a statement.
Bank of Cyprus's total capital adequacy ratio stood at 11.9% of assets on December 31, its core tier 1 ratio was 8.1% and the tier 1 ratio stood at 11%.
The issue would strengthen its capital adequacy, with its pro-forma capital adequacy ratio reaching 14% and its Tier 1 ratio reaching 12.7%, the bank said. That was based on the assumption that all eligible securities, worth 818 mln euros, were exchanged for the new enhanced capital securities.