Cyprus banks to engage with top investors in London

The investment community is turning its focus to a major conference in London, set for late September, where several Cypriot banks will be represented. Among them, the Bank of Cyprus will participate directly, while Hellenic Bank will have indirect representation through its parent company, Eurobank S.A., which holds a 55.9% stake in the bank. Alpha Bank Cyprus and the National Bank of Greece (Cyprus) may also have a presence via their parent companies in Greece, which will be attending the conference.

The 29th Annual Financials CEO Conference 2024, hosted by Bank of America (BofA), will run from September 24 to 26. Bank of Cyprus is planning to send its top executive team and has scheduled approximately 10 meetings with investment funds. This agenda was set before the bank's recent announcement to delist from the London Stock Exchange (LSE) and list on the Athens Stock Exchange (ASE), potentially increasing interest and engagement from the investment community.

The shift to the Athens Stock Exchange is set to coincide with the opening day of the BofA conference on September 23, adding an extra layer of interest to the event. Trading on the ASE will begin at 10:15 a.m. Cyprus and Greece time (8:15 a.m. Ireland time). The Bank of Cyprus board believes that the move to the ASE could bring long-term strategic benefits, enhance liquidity for its shares, and broaden its investor base.

Hellenic Bank is also undergoing significant changes. Just days before the London conference, the bank will hold its Annual General Meeting, where three-quarters of its board is expected to change, with new members from Eurobank. Michael Louis is slated to become the new CEO.

A strong lineup of institutional investors is expected at the London conference, including Fidelity Group, Goldman Sachs, HSBC, JP Morgan, Millennium, Credit Suisse, and Amundi.

The interest in Cypriot banks is fueled by positive ratings upgrades that Cyprus has received from several credit rating agencies. In 2024, Fitch and Standard & Poor’s raised Cyprus's credit rating to BBB+, while DBRS Morningstar confirmed the rating at BBB (high) and Moody's upgraded the outlook from stable to positive. These upgrades have positively impacted Cypriot banks, enhancing their appeal to long-term institutional investors.

Bank of Cyprus, a regular participant in such conferences, aims to attract long-term investors, whether in stocks or bonds, as part of its strategy to strengthen its market position. The positive momentum for Cyprus and its banks may continue, with potential further upgrades from rating agencies later this year.

[Summary of Panayiotis Rougalas' original story in Greek published in Kathimerini's Cyprus edition]