The necessary conditions for the listing of Bank of Cyprus shares on the Athens Stock Exchange have been met, according to an announcement from the relevant listing and market operations committee.

Specifically, the committee approved the “listing of 443,457,297 ordinary shares of the company ‘Bank Of Cyprus Holdings Public Limited Company’ (ISIN: IE00BD5B1Y92) on the Main Market of the Athens Stock Exchange, in accordance with Article 2, Paragraph 4 of Law 3371/2005”.

Trading of the company’s shares is set to commence on Monday, September 23, 2024.

This move follows a decision by the Bank of Cyprus shareholders on September 13 to approve the listing of the bank’s ordinary shares on the Athens Stock Exchange (ATHEX), pending a delisting from the London Stock Exchange (LSE).

The shareholder vote took place during an extraordinary general meeting (EGM) at the bank’s headquarters in Nicosia.

Before the vote took place, Bank of Cyprus chairman Takis Arapoglou stated that the bank had transformed into a strong institution with high-quality assets, strong capital and liquidity, and sustainable profitability.

This, he said, enabled dividends and share buybacks, boosting its share price.

Moreover, while the bank’s London Stock Exchange listing provided international visibility, Arapoglou explained that re-listing on the Athens Stock Exchange could enhance liquidity and attract a broader investor base.

“The board of directors believes that delisting from the London Stock Exchange and re-listing our shares on the Athens Stock Exchange offers the potential to enhance the liquidity of our shares and the recognition of the group among a wider group of interested investors, benefiting both shareholders and the bank itself,” he said.

Additionally, he highlighted the benefits of easier comparisons with Greek banks and access to capital.

Finally, it was noted that the bank will maintain its listing on the Cyprus Stock Exchange while continuing to attract investors.