Bank of Cyprus mulls re-listing stock in London

Michael Bow
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THE BANK of Cyprus is weighing plans to move its stock market listing from Athens to London next year.

The business, led by former RBS banker John Hourican and chaired by the ex-Deutsche Bank boss Josef Ackermann, has a primary listing in Cyprus, but wants to move its secondary listing to London to boost liquidity, a person familiar with the matter said.

The issue is yet to be discussed by the bank’s board, but it is thought a re-listing would take place in the first half of next year. Hourican, who is leaving the bank at the at the end of this month, told the Sunday Telegraph yesterday he was working with HSBC on the plan.

The company made a profit in the first three months of the year, compared with heavy losses in previous periods – teeing it up for a move to London.

Its secondary listing in Athens has faced several hurdles since it was launched, including the ongoing shut down of the Athens Stock Exchange currently in place.

A €1bn (£702m) share sale last year gave US restructuring guru Wilbur Ross a 19 per cent stake in the group, alongside a number of institutional investors.