Bank of Cyprus moves from London to Athens stock exchange in major shift

In a series of significant moves, Cyprus's banking sector is undergoing notable changes this autumn.

In a report in this Sunday's Kathimerini by Panayiotis Rougalas, Bank of Cyprus has received shareholder approval to move its listing from the London Stock Exchange to the Athens Stock Exchange. At its Extraordinary General Meeting, 99.98% of shareholders endorsed the move. This transition aims to enhance the bank’s visibility, facilitate comparisons with Greek peers, and improve access to capital. The shift will also potentially lead to inclusion in more equity indices.

Hellenic Bank is also experiencing upheaval. The bank is set to overhaul more than two-thirds of its board of directors at its upcoming Annual General Meeting. Proposed changes include the appointment of Michael Louis, CEO of Eurobank Cyprus, as Executive Director, and several new independent non-executive directors, including Stephen Joh Albutt, Oliver Bernard Ellingham, Robert Anastassis Kyprianou, Charalambos Konstantinou, Maria Charalambous, Sofronis Clerides, and Kenneth Howard Prince-Wright. Additionally, Dr. Kleanthis (Athos) Chandriotis, first executive director of Demetra, a major Hellenic shareholder, has been nominated.

Hellenic Bank has also completed a successful bond issuance. The bank’s €100 million senior preferred bond, part of a €1.5 billion program, was oversubscribed 3.7 times, reflecting strong investor interest. This bond, with a fixed annual interest rate of 4%, will support the bank’s financial stability and regulatory requirements.

JCC Payments is nearing a sale to Euronet, with the deal in the "due diligence" phase. The Bank of Cyprus holds a 75% stake in JCC, and the final details of the sale, including whether the Bank will retain any share, are still pending.

These developments mark a transformative period for Cyprus's banking sector, signaling a shift towards increased regional integration and strategic financial management.