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The Bank of Cyprus will re-list on the Athens Stock Exchange (ASE) after a seven-year absence, following the approval of two resolutions by shareholders at an Extraordinary General Meeting on September 13, 2024. The move is expected to enhance stock liquidity and increase the bank's visibility among investors.
Takis Arapoglou, Chairman of the Bank of Cyprus, highlighted that the significant increase in the bank's share price over recent years is due not only to high interest rates but also to the bank's successful transformation, strong performance, and ambitious goals. The bank has also been able to reward shareholders with dividends and a share buyback program, reflecting its solid balance sheet and sustainable profitability.
Arapoglou noted that while liquidity of the bank's shares has improved gradually, it remains low, limiting investment base expansion. The re-listing on ASE aims to address this by boosting the bank’s profile and making it more attractive to a broader group of investors.
The delisting from the London Stock Exchange (LSE) and re-listing on ASE, which will take effect on September 23, 2024, was supported by nearly unanimous shareholder approval. The LSE delisting will occur on September 18, 2024, while trading on the Cyprus Stock Exchange will continue as usual. The share buyback program will also continue through the Cyprus exchange.
Arapoglou emphasized that this strategic move is part of the bank’s broader efforts to enhance its investor appeal and financial profile, building on recent initiatives like the Investor Awareness Event held in June 2023.
