Bank of Cyprus Resumes Trading on Athens Stock Exchange After Seven-Year Hiatus

On Monday, the Bank of Cyprus officially returned to the main market of the Athens Stock Exchange (ATHEX) after a seven-year break. The bank marked this significant milestone with the traditional ringing of the bell to signify the start of the trading session, according to an official announcement.

In the statement, the bank highlighted the importance of this move in its 125-year history, aligning with its long-term strategy for growth. "This return to the Athens Stock Exchange is a significant step in the bank’s 125-year history, aligning with its long-term growth strategy," the announcement stated. The bank further explained that the decision aims to create value for both shareholders and clients, while also increasing its visibility among a wider group of institutional and private investors.

The event marking the return to ATHEX was attended by prominent figures, including Takis Arapoglou, the chairman of the Bank of Cyprus’ board of directors, Panicos Nicolaou, the bank’s CEO, Eliza Livadiotou, the executive director of finance, and Yianos Kontopoulos, CEO of the ATHEX Group. Other key attendees included Vasiliki Lazarakou, president of the Hellenic Capital Market Commission, alongside other bank executives and guests.

Speaking at the event, Arapoglou emphasized the advantages of the bank’s decision to move its shares to ATHEX. “We believe that this move will increase our stock’s liquidity by attracting the attention of more analysts and investors,” he said. He also noted that this transfer would make the bank’s shares more comparable to other banks with similar business models in Southeastern Europe.

Arapoglou further mentioned a key achievement in the bank’s recent progress: “A key recognition of our progress is the approval from supervisory authorities to distribute dividends for two consecutive years, with the dividend amounting to 30 per cent of our 2023 profits.”

Additionally, he praised the Athens Stock Exchange as a mature European market aligned with Greece’s steady economic growth, expressing gratitude to ATHEX’s management for their support of the bank’s return.

The bank’s statement concluded by noting that the Bank of Cyprus will continue to be listed on the Cyprus Stock Exchange (CSE), reaffirming its role as a central pillar in the country’s economic development.

By fLEXI tEAM