The London Stock Exchange (LSE) announced today that it has welcomed Bank of Cyprus Holdings (BOC Holdings) to trade on the main market as the banking group successfully completed its London listing. The listing is expected to improve the liquidity of BOC Holdings’ shares and lead to a broader base of investors.
Nikhil Rathi, CEO of the LSE, said: “BOC Holdings’ listing is a milestone for the company and for Cyprus. It demonstrates the Bank’s strong recovery since the financial crisis and underlines London’s ability to help the banking sector recapitalise itself for growth.”
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BOC Holdings joins 54 global banking stocks already listed in London, with a combined market capitalisation of $1.2 trillion. The admission builds on the LSE’s strong Cypriot credentials, which include being the listing venue for Cyprus’ most recent sovereign bonds.
After the appointment of former Bank of Ireland’s Nick Fahy as chief executive, BOC Holdings, which converted some large deposits to equity as part of its 2011 recapitalisation, increased its London balance sheet by 35 per cent last year and is now planning to double the size of its £1 billion ($1.2 billion) balance sheet in the UK as well as increasing the size of its 250 employees there.
Dr. Josef Ackermann, Chairman of Bank of Cyprus Holdings, added: “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.”