The Bank of Cyprus (BoC) on Tuesday confirmed through a regulatory filing that the European Bank for Reconstruction and Development (EBRD) has reduced its stake in the lender to zero, formally completing its exit as a shareholder.

According to a TR-1 notification of major holdings submitted to the Central Bank of Ireland, the EBRD’s shareholding, which previously stood at 5.14 per cent, fell to 0.00 per cent after the disposal of its entire position.

The threshold crossing took place on September 4, 2025, and the bank was officially notified on September 8, 2025.

The filing shows that the EBRD no longer holds any voting rights in the Bank of Cyprus, either directly or through financial instruments.

The development follows the bank’s announcement on September 4 that the EBRD, its last remaining legacy shareholder, had sold its entire 5.1 per cent stake at a price of €7.20 per share.

The Bank of Cyprus at the time stressed that there had been strong interest in the transaction from international institutional investors.

It added that the final allocation went mainly to long-term investors, specifically long-only funds.

The bank highlighted that this level of demand “demonstrated the confidence of international institutional investors in both the bank and the Cypriot economy”.

It also described the sale price as “particularly favourable“, given that a large stake of the last legacy shareholder was sold at around 1.2 times tangible book value”.

The EBRD, based in London, is an international financial institution supporting private sector development in more than 40 countries.

It had been a shareholder in the Bank of Cyprus since 2014, when it acquired the stake as part of efforts to help stabilise and rebuild the Cypriot financial system after the banking crisis.

The bank’s exit marks the full return of Bank of Cyprus to private ownership and represents a symbolic milestone in the lender’s post-crisis recovery.

It also reflects the EBRD’s important role in helping restore stability to the Cypriot banking sector over the past decade.

Bank of Cyprus launches cash offer for €300 million Tier 2 notes

On the same day, the Bank of Cyprus announced a cash offer to buy its outstanding €300 million Fixed Rate Reset Tier 2 Capital Notes due October 2031.

According to the announcement, the bank is inviting holders of the notes to tender them for purchase for cash at a price equal to 102.3 per cent of the principal amount, subject to the satisfaction of the New Issue Condition, they added.

The New Issue Condition requires that the bank successfully issues a new series of euro-denominated Fixed Rate Reset Tier 2 Capital Notes under its €4 billion European Medium-Term Note Programme.

The purchase of any notes validly tendered is conditional on the aggregate principal amount of the new notes being at least equal to the total amount of notes validly offered and accepted, the bank said.

The offer is made on the terms and conditions set out in the tender offer memorandum dated September 9, 2025, and is subject to the offer restrictions described in that memorandum.

A summary of the offer is also available in the tender offer announcement, which the bank said can be accessed by holders.

The procedures and conditions for the allocation of the new notes are detailed in the tender offer memorandum, they added.

Holders are advised to carefully read the memorandum for full information on how to participate in the offer.

The bank emphasised that the new issuance and offer are subject to market conditions and the bank’s sole determination, highlighting that the measures are part of its ongoing capital management strategy.