Bank of Cyprus Repurchases Shares and Vanguard Wellington Fund Increases Stake

The Bank of Cyprus announced on Tuesday that it has repurchased 50,000 of its ordinary shares, each with a nominal value of €0.10. The transactions were conducted on November 18 through the Cyprus Stock Exchange (CSE) and the Main Market of the Athens Stock Exchange (ATHEX), with the Cyprus Investment and Securities Corporation Limited (CISCO) serving as the company’s broker.

In an official statement, the bank confirmed, “The total shares purchased of 50,000 will be cancelled.” This move is part of the bank’s broader strategy to optimize its capital structure and enhance shareholder value.

In a separate development, the Vanguard Wellington Fund has increased its stake in the Bank of Cyprus to 4.75 per cent. The fund, whose shareholders include prominent entities such as Brown Brothers Harriman, Chase Nominees Ltd., Citibank NA, Goldman Sachs Securities (Nominees) Ltd., ROY Nominees Limited, and State Street Nominees Ltd., recently acquired additional shares from a package divested by the investment firm CarVal. This acquisition solidifies Vanguard Wellington Fund’s position as a significant stakeholder in the bank.

Senvest Management continues to hold the largest stake in the Bank of Cyprus, with a 9.4 per cent ownership following its acquisition of a 6 per cent share that previously belonged to the now-defunct Laiki Bank. Meanwhile, Lamesa Holdings S.A., a subsidiary of the Renova Group, retains a 9.27 per cent stake. However, Lamesa’s accounts and investments remain frozen due to sanctions imposed by the United States and the European Union against Moscow.

These developments highlight the ongoing adjustments in the ownership structure of the Bank of Cyprus as it continues to refine its financial and strategic positioning.

By fLEXI tEAM