BOC says LSE listing still pursued, next steps under consideration (Update-1)


(Adds BOC comment in third paragraph and background in fifth paragraph)

By Stelios Orphanides

Bank of Cyprus said it will consult its shareholders and other, unspecified, “stakeholders” before it decides its next steps concerning its intention to pursue a listing on the London Stock Exchange, following the British referendum in which voters decided to leave the European Union.

“While its plans to pursue a premium listing on the LSE are at this stage unchanged, the bank is closely monitoring market reaction to inform its decisions on timing of the intended listing,” Cyprus’s largest lender said in an emailed statement on Thursday. “The bank will continue to consult with its shareholders and other stakeholders in determining the appropriate course of action, including the appropriate country of incorporation for the new holding company, with a focus on a jurisdiction within the Eurozone”.

“Following the results of the referendum regarding the UK’s membership of the European Union, the bank is carefully monitoring developments,” Bank of Cyprus said. “Further announcements will be made in due course”.

In April, the bank said that it considered setting up a holding company in the UK that will come under the supervision of the UK’s Financial Conduct Authority, while remaining under the supervision of the Central Bank of Cyprus, the Cyprus Securities and Exchange Commission, and the European Central Bank’s Single Supervisory Mechanism.

The Cyprus Business Mail understands that following the outcome of the referendum, the bank’s priority would be a jurisdiction in the European single currency bloc, though it has not entirely ruled out the incorporation of its holding company in London, or other territories of the UK.

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