The Bank of Cyprus has announced the completion of its first transactions under its new share buyback programme, with approximately five per cent of the maximum total value of the programme executed by February 28, 2025.

As previously disclosed in its preliminary 2024 results, the Bank of Cyprus intends to repurchase shares worth a total of €30 million as part of its planned distributions for the year.

It should be noted that the first purchases were carried out on February 24, 2025.

This follows the bank’s successful completion of a €25 million share buyback programme in December 2024.

According to the latest announcement, between February 24 and 28, 2025, the Bank of Cyprus acquired a number of ordinary shares with a nominal value of €0.10 each.

These transactions took place on the Cyprus Stock Exchange and the main market of the regulated market of the Athens Stock Exchange, facilitated by its appointed broker, Cyprus Investment and Securities Corporation Ltd (CISCO).

The total number of shares repurchased amounted to 278,176, which are expected to be cancelled upon completion of the buyback programme.

The bank reiterated that these transactions form part of its intention to repurchase shares up to a total amount of €30 million, in line with the buyback programme announced on February 18, 2025.

As of February 28, 2025, the total issued share capital of the company amounted to 440,502,243 ordinary shares with a nominal value of €0.10 each, with each share carrying one voting right.

On the same date, the company held 278,176 ordinary shares as treasury shares, which are expected to be cancelled upon the programme’s completion. Treasury shares do not carry voting rights.

Consequently, the total number of voting rights in the company stands at 440,224,067.

This figure may be used by shareholders to determine whether they are required to disclose their holdings or any changes therein.

This is in accordance with the Irish Transparency Regulations (Directive 2004/109/EC) of 2007 (as amended) and the Central Bank of Ireland’s 2019 Investment Market Conduct Rules.

The share buyback programme announced on February 18, 2025, aims to reduce the company’s share capital.

In this context, a total of 278,176 common shares had been repurchased by February 28, 2025, at a weighted average price of €5.37 per share, amounting to a total consideration of €1,495,184.