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26.01.2014

Commercial Bank of Cyprus shares is deferred until the end of the year

The trading of shares of the Bank of Cyprus on the Cyprus Stock Exchange will not resume until the end of this year. Was the conclusion of the newspaper "Sayprus mail" on the results of the meeting held on Friday, leaders of the largest on the island of the credit institution with the head of the Securities and Exchange Commission Dimitra Kalogiri.

Bank presented a five-page document explaining the current situation and the reasons on which it is impossible the resumption of trading in shares before the end of the year. It emphasizes that the bank failed to meet many of the requirements of the commission. As for the prospectus, it is a "heavy issue that will take some time because of the enormous changes" that have occurred over the past year.

The meeting discussed the possible courses of action in relation to the bank's failure to prepare the required documents by the Commission, as well as issues related to what information may be disclosed to investors. It is reported that one of the options can be OTC securities trading bank.

The quotation of the bank's shares was suspended in March of last year in connection with the agreement reached by the government with international creditors on the rigid restructuring of the Bank of Cyprus providing for its recapitalization due to the "shearing" of uninsured deposits and consolidation with the second largest Cypriot people's bank that ceased to exist. The resumption of trading in shares was planned for 31 January. However, the bank was unable to prepare in time the prospectus for the placement of new shares, which should contain the latest financial and other important information for investors. In this regard, the Securities and Exchange Commission has warned that the Bank of Cyprus may be deprived of listing on the stock exchange.

Chairman of the Board of Directors of Bank of Cyprus Christis Hasapis after the meeting, told reporters that no decision had been taken and that the next week will be a new meeting. In turn Kalogiri stressed that "delisting the country's largest credit institution is not the best way" and that "the Commission wishes to make the process of stabilization of the bank completed as soon as possible."

A source:

Tags: Economy, Banking, Stock Market, shares