Bank of Cyprus Shares Approved for Listing on Athens Stock Exchange

The necessary conditions for the listing of Bank of Cyprus shares on the Athens Stock Exchange (ATHEX) have been fulfilled, as announced by the relevant listing and market operations committee.

In particular, the committee has given the green light for the listing of 443,457,297 ordinary shares of the Bank of Cyprus Holdings Public Limited Company (ISIN: IE00BD5B1Y92) on the Main Market of the Athens Stock Exchange, in accordance with Article 2, Paragraph 4 of Law 3371/2005.

The trading of these shares is scheduled to begin on Monday, September 23, 2024.

This approval follows a recent decision made by the Bank of Cyprus shareholders on September 13, 2024, to list the bank’s ordinary shares on the Athens Stock Exchange. The move also coincides with a delisting from the London Stock Exchange (LSE). The shareholder decision was made during an extraordinary general meeting (EGM) held at the bank’s headquarters in Nicosia.

Before the vote, Bank of Cyprus chairman Takis Arapoglou emphasized the strength of the institution, highlighting its transformation into a robust bank with high-quality assets, strong capital, ample liquidity, and sustainable profitability. “This,” Arapoglou stated, “enabled dividends and share buybacks, boosting its share price.”

While acknowledging the advantages the bank’s London Stock Exchange listing brought in terms of international visibility, Arapoglou underscored the potential advantages of re-listing on the Athens Stock Exchange. According to him, the ATHEX listing could improve liquidity and expand the bank’s investor base. “The board of directors believes that delisting from the London Stock Exchange and re-listing our shares on the Athens Stock Exchange offers the potential to enhance the liquidity of our shares and the recognition of the group among a wider group of interested investors, benefiting both shareholders and the bank itself,” Arapoglou explained.

He also pointed out that being listed on the Athens Stock Exchange would provide the bank with better opportunities for comparison with Greek banks, as well as greater access to capital.

Additionally, it was confirmed that the bank will maintain its listing on the Cyprus Stock Exchange and will continue to attract a wide range of investors.

By fLEXI tEAM