BoC gets green light from Irish Court for additional Tier 1 Capital Securities

The Bank of Cyprus has announced that an Irish Court ruling on Thursday, has paved the way for the bank to proceed with an issuance of Euros 220 million additional Tier 1 Capital Securities.

Further to its announcement of 28 August 2018 with respect to the prospective issuance of Euros 220 mn Subordinated Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities Bank of Cyprus Holdings Public Limited Company, announces that on 13 December 2018 the Irish Court approved the reclassification of share premium to distributable reserves, pursuant to section 85(1) of the Companies Act 2014 of Ireland, the Bank says in an announcement issued here today.

This approval, it adds, represents the last of the conditions precedent which are required to be satisfied for the issuance of the Capital Securities.

Consequently, it concludes, the issuance of the Capital Securities is expected to take place on 19 December 2018 and is expected to strengthen the Total Capital ratio of the Group by c.140 bps1.

Source: Cyprus News Agency