Bank of Cyprus Concludes Positive Private Distribution
The Bank of Cyprus confirmed its productive private distribution of 4.166.666.667 new ordinary shares at a price of €0.24 per share, with total gross proceeds amounting to 1 billion euros, according to Parikiaki.
The Bank stated of the activity: "The Placing was comfortably oversubscribed confirming the strong interest from institutional investors for the Bank. The shares were allocated to a broad range of institutional investors from Europe, North America and Russia, including a number of international investors introduced by WL Ross & Co LLC and the European Bank for Reconstruction and Development ("EBRD")."
Bank of Cyprus Group CEO John Hourican commented, "the success of the private placing demonstrates the confidence that international institutional investors have in the Bank's turnaround and the economic recovery in Cyprus, only a year after the Bank exited resolution status."
Hourican added, "This significant investment, which is the biggest single foreign direct investment into Cyprus, will help to ensure that Bank of Cyprus becomes one of the best capitalised banks in Europe. It also enables us to accelerate the implementation of the Bank's Restructuring Plan."
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