The Bank of Cyprus’ pending listing on the London Stock Exchange (LSE) could bring a much-needed increase in liquidity in the Cyprus Stock Exchange (CSE), a British expert said while the Finance Minister of Cyprus describes the bank’s listing on the LSE as a prospect of strategic importance.
The Group intends to maintain a listing on the Cyprus Stock Exchange but will no longer be listed on the Athens Exchange.
Minister of Finance Harris Georgiades expressed the Government’s contentment over the Bank’s listing on the LSE and spoke of “a prospect of strategic importance”, addressing the annual general meeting of the Cyprus Association of Listed Companies.
“Among other things we regard this as a bridge of cooperation between our stock exchange, where the Bank of Cyprus will maintain a listing in one of the largest stock exchanges in the world” he noted.
Τom Attenborough, Ηead of UK Large Caps, Equity primary markets at the London Stock Exchange Group, said that the Bank’s listing will have a spillover effect and will increase liquidity.
He said that investors will begin to look for new opportunities to invest in, not just in the Bank of Cyprus, but in other Cypriot companies, as well.
CSE Director General Nontas Metaxas stressed the need for the EU to cut red tape so as to increase capital raised via the stock exchange.