BANKING: Annual General Meeting of BOC set for 20 November

Bank of Cyprus (BOC) announced that the Annual General Meeting of its shareholders will take place on the 20th of November 2014.

According to the Bank, further details will be announced in due course.

New shareholders of the Bank, following the increase of its share capital by € 1 billion and the change in the shareholder structure, will participate for the first time in the Annual Meeting.

The most important shareholders of the Bank after the capital increase is Cyprus Popular Bank Public Co Ltd, with a holding of 9,624%, Renova Group, with a holding of 5,455%, TD Asset Management, with a holding of 5,232% and the European Bank for Reconstruction and Development, with a holding of 5,021%.

It is also expected that the Annual Meeting will elect a new Board of Directors, amid press reports, according to which the Governor of the Central Bank of Cyprus Chrystalla Georghadji in a letter to the President of the Board urges the 14 member body to resign, to help the best representation of the new shareholders to the Board.

Bank of Cyprus, the island`s largest lender, has been recapitalised last year with depositor money, as part of the €10 billion bailout Cyprus received from the EU/IMF, under which 47.5 per cent of deposits over €100,000 have been converted to shares. At the end of August the bank conclude the increase through the Placing and the open Offer of its share capital by € 1 billion.