Bank of Cyprus (BoC) said on Friday it has registered an Irish holding company as part of its plan to move its share listing to the London Stock Exchange.
“The Bank confirms that after examining a number of potential Eurozone jurisdictions, the Republic of Ireland is currently considered to be the most suitable jurisdiction as it is a FTSE eligible Eurozone country, has a common law legal system similar to that of Cyprus and is a commonly adopted jurisdiction for companies wishing to apply for a listing on the LSE,” BoC said in a statement.
The announcement followed recent media reports in Ireland.
The bank said no decision has been taken yet but observers believe Ireland will be the chosen country in the end as it had a common law system similar to Cyprus, governance compatibility, and a double taxation treaty with the RoC.
“Bank of Cyprus Holdings PLC was incorporated in the Republic of Ireland earlier this year for this purpose,” the lender said. “Should the listing proceed, the Bank’s headquarters, management and operations would all remain in Cyprus.”
BoC said the new holding company, and the lender, will remain tax resident in Cyprus and it will continue to be regulated by the European Central Bank and the Central Bank of Cyprus.