Bank of Cyprus plans to delist from LSE and join Athens Stock Exchange

Bank of Cyprus said in its results on 8 August that it is planning a listing on the Athens Stock Exchange (ATHEX) alongside its delisting from the London Stock Exchange (LSE).

Group CEO Panicos Nicolao said: “One of the matters we have been assessing is how best to enhance the group’s market visibility, making it more accessible to a new pool of investors.

“In this spirit, the board has reached the view that a listing on the Athens Stock Exchange (ATHEX) in conjunction with a delisting from the London Stock Exchange (LSE), will yield a number of long-term strategic and capital market benefits,” he added.

He further said that “in the coming weeks we will outline why we are recommending the above, with a proposal to be put to shareholders at a forthcoming EGM to be convened in due course”.

As part of this ongoing strategy, Bank of Cyprus today (9 August) announced the buyback of 16,800 of its own shares across the London and Cyprus Stock Exchanges, as a part of its ongoing €25 million share repurchase program.

The transactions were conducted through the Company’s brokers, Numis Securities Limited and The Cyprus Investment and Securities Corporation Limited, with shares to be cancelled following the purchase.