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Newsroom
September will bring significant shifts for Cyprus's two largest banks. The Bank of Cyprus (BoC) will exit the London Stock Exchange (LSE) to list on the Athens Stock Exchange (ATHEX) starting September 23, 2024.
This move ends a 7.5-year stint on the LSE, which the bank had joined to bolster its European presence. The BoC expects the transition to ATHEX will enhance liquidity, improve visibility, and attract long-term institutional investors, though it will remain a Cypriot tax resident and not alter its operations in Cyprus.
Meanwhile, the Hellenic Bank will undergo substantial changes following its Annual General Meeting on September 18. Eurobank, the bank's major shareholder with a 55.9% stake, is expected to increase its influence on the board.
This may involve replacing some high-ranking executives or introducing Eurobank representatives, as part of Eurobank's broader strategic plan for Hellenic Bank.
Eurobank’s first-quarter 2024 earnings report highlighted strong performance, with net profits of €383 million, including €92 million from Cyprus operations. The bank plans to make a new public offer in early 2025 and is focused on expanding its Cyprus base to attract clients from India, Israel, and the Gulf region.
Ahead of Hellenic Bank’s AGM, several board members, including Dimitrios Efstathiou, Christodoulos Chatzistavrou, Christos Themistocleous, John Gregory Iossifidis, Marios Maratheftis, Andreas Persianis, and Marco Comastri, have announced their resignations or decision not to seek re-election.
[Summary of Panayiotis Rougalas' original story in Greek published in Kathimerini's Cyprus edition]