London Stock Exchange welcomes Bank of Cyprus Holdings to the Main Market
London Stock Exchange welcomes Bank of Cyprus Holdings Public Limited Company (“BOC Holdings” and, together with its subsidiaries, the “Group”), the parent of the largest banking and financial services group in Cyprus, to admission to the standard listing segment of the FCA Official List and trading of its shares on London Stock Exchange’s Main Market under the ticker symbol BOCH.
BOC Holdings is listed on the London Stock Exchange (‘LSE’) and the Cyprus Stock Exchange (‘CSE’).
The listing on the LSE is in line with the Group’s long-term strategic commitment to list on a major European stock exchange. It is expected to improve the liquidity of the BOC Holding’s stock, which will enhance the Group’s visibility and lead to a broader base of investors This listing also enhances the Group’s ability to play a key role in supporting the growth of the Cypriot economy.
The listing is another significant milestone in the Group’s rapid journey back to strength since 2013, which includes: a €1 billion equity raise; the appointment of a new and highly experienced Board of Directors led by Chairman, Dr. Josef Ackermann; extensive deleveraging of non-core operations; increasing market share in Cyprus; significant reductions in problem loans (down by €4,23 billion since December 2013) and the full repayment of Emergency Liquidity Assistance (€11,4 billion repaid since April 2013).
While Bank of Cyprus Holdings is not raising any capital, the London listing is an important step towards a premium listing and FTSE UK Index inclusion in time.
HSBC acted as adviser to the London listing, CISCO was the Lead Manager in Cyprus. Chryssafinis & Polyviou LLC and Sidley Austin LLP were legal advisers.
Dr. Josef Ackermann, Chairman of Bank of Cyprus Holdings, said:
“We are very pleased to see BOC Holdings’ shares commence trading on the London Stock Exchange, which is another significant step in the Group’s transformation. We expect this listing, on one of the world’s leading international capital markets, to facilitate greater profile, liquidity and access to capital.”
John Patrick Hourican, Chief Executive Officer, Bank of Cyprus Holdings, added:
“The listing of BOC Holdings’ shares on London Stock Exchange today demonstrates the high level of ambition we have for the Group and the outstanding energy and commitment shown by our colleagues. We continue to make substantial progress with the execution of our strategy. The progress we are making should further strengthen stakeholders’ confidence that the Group is becoming a stronger, safer and more focused institution capable of delivering appropriate shareholder returns over the medium term.”