.jpg)
Bank of Cyprus Holdings, the Irish-based holding company of the restructured Cypriot lender, saw its debut on the London Stock Exchange main market on Thursday with the stock trading at EUR 3.60, while in the “home market” of the Cyprus Stock Exchange, it was quoted at a discount, fetching EUR 3.20.
An hour into trading, BOCH was quoted on the LSE at EUR 3.27.
BOCH listed 446,199,933 ordinary shares on both bourses in what is expected to improve the bank’s liquidity and enhance its visibility to a broader base of investors and boost confidence in stakeholders, the bank said in a statement prior to the parallel listing.
This follows the declaration ten days earlier that the bank had fully repaid the emergency liquidity assistance of EUR 11.4 bln imposed after the Cyprus economy bailout in 2013 and the subsequent bail-in by Bank of Cyprus shareholders to rescue now defunct Laiki Popular bank.
Among the new investors was US Commerce Secretary-nominee Will Ross, whose fund WL Ross & Co LLC pumped in more than EUR 400 mln during the two waves of capital raises, and has declared its intention to remain a shareholder in the bank.
The fund reportedly informed the bank that it intends to announce a new replacement for Ross, who had been Vice Chairman ever since the rescue.
Bank of Cyprus also announced it had returned to the markets with a successful issue of EUR 250 mln 10-year bond, priced at 9.25%.
Meanwhile, Dr. Josef Ackermann, Chairman of BOC Holdings, said prior to the shares commencing trade on the LSE, that “this listing, on one of the world’s leading international markets, will facilitate greater profile, liquidity and market access.”
“The listing … enables us to fulfil a long-standing commitment to shareholders. It also constitutes an additional major milestone in the transformation of the Group and its strategy to enhance its financial strength.”
HSBC Bank plc acted as adviser to the London listing and Cyprus Investment and Securities Corporation Limited as the lead manager in relation to the listing in Cyprus. Sidley Austin acted as English and US legal advisers, and Chryssafinis & Polyviou LLC acted as Cypriot legal advisors to the group.
