Translated version of this PSD: Greek
As part of a €1 billion capital raise by Bank of Cyprus, the country’s largest financial institution, the EBRD Board of Directors approved an equity investment into newly issued ordinary voting shares of BoC, resulting in an EBRD stake in Bank of Cyprus of 5.021 per cent.
With this investment, the EBRD’s first in Cyprus, the Bank will support the stabilisation of operations and the implementation of the on-going restructuring plan of Bank of Cyprus.
As the largest bank in the country, the performance Bank of Cyprus’ is highly correlated with economic activity in the country. The stabilisation and successful restructuring of the bank is critical for the full recovery of the country’s economy and the rest of the financial sector. As an active shareholder the EBRD will work towards improvements in corporate governance. This successful capital raise is a positive signal to the markets, providing investors with confidence.
Founded in 1899 as Nicosia Savings Bank and renamed in 1912, Bank of Cyprus is the largest financial institution in Cyprus. The bank provides a wide range of products and services, covering retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance.
Equity investment in Bank of Cyprus’s capital, resulting in an EBRD stake of 5.021 per cent.
Categorised FI. Environmental and social (E and S) risk management capacity is limited, but Bank of Cyprus has assigned internal responsibilities for E and S risk management, confirmed its full commitment to complying with EBRD’s requirements and to building the internal E and S capacity to implement the necessary E and S procedures and policies in line with PR9. The information provided by the bank also confirms its overall compliance with PR2 requirements. Bank of Cyprus will be required to adhere to EBRD’s Environmental and Social Exclusion List and apply EBRD’s E and S Procedures for Corporate Loans to all their future lending operations from the time when the EBRD becomes a shareholder. EBRD’s online E and S risk management training will be offered to the bank's credit and risk management staff to further improve their internal capacity on E and S matters. Bank of Cyprus will be required to provide annual reports on environmental and social matters and on the implementation of PRs 2 and 9.
Manager, Investor Relations
Office Address: 51 Stasinou | 2002 Strovolos | Nicosia | Cyprus
Postal Address: P.O. Box 21472 | 1599 Nicosia | Cyprus
Tel: +357 22122466 | Fax: +357 22336258
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