Laiki rights details by Dec 5

The Board of Laiki Bank is scheduled to meet on December 5, 2005 to decide the final details regarding the terms of issue of the rights in a bid to raise up to CYP 75 mln in capital.

Laiki General Manager Christos Stylianides told the Financial Mirror that the Board will also state the exact timing of the issue and the terms under which it will be offered to shareholders.

Asked to confirm if HSBC with a stake of 22% will participate in the rights issue, Stylianides said as far as he knew the Bank has not been notified of anything otherwise, adding that such details would be discussed by the Board.