Cyprus Mail

CySEC approves Co-op’s prospectus ahead of CSE listing

cyprus business now

The Cooperative Central Bank said that the Cyprus Securities and Exchange Commission approved on Thursday the government-owned lender’s prospectus ahead of its intended listing on the Cyprus Stock Exchange.

“The prospectus in question does not constitute an invitation to the public to invest in the bank’s share,” the bank, which received almost €1.7bn in taxpayer’s money since 2014, said in an emailed statement on Thursday.

The bank said that it is committed vis-à-vis the European Commission and the government to obtain by the end of the year the official green light that will make the CSE listing possible before October 2018.

“It is the bank’s intention to take all necessary measures to prepare for a possible listing of its shares either on the CSE’s main market or alternative market in case the preconditions for a main market listing by the end of 2017 are not met,” it said.

With the listing, the lender is scheduled to issue new shares to the public, thus tapping fresh capital and so reducing the government’s stake, currently at 99 per cent, to 25 per cent. Finance minister Harris Georgiades has said that the government is also considering to “hand over” shares to Co-op customers, members and workers as well as to people affected by the 2013 banking crisis.

The approved prospectus will be available at to download at the website of the bank, of CySEC and the CSE, the lender said.

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