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Bank of Cyprus Situation

Bank of Cyprus (which now represents both itself and Laiki Bank) are moving towards the right direction under the new structure by which the ex shareholders see their holdings become diluted Bank of Cyprus (which now represents both itself and Laiki Bank) are moving towards the right direction under the new structure by which the ex shareholders see their holdings become diluted and being converted to class D shares, whilst the new shareholders, the depositors who saw their deposits impaired by 47.5% (exceeding the insured amount of 100k) are now taking over.The latter will now hold class A shares which will be floated in the Cyprus Stock Exchange and possibly in parallel with the Greek Stock Exchange as well.

Bailed in deposits now hold around 81% of the bank's issued capital. The ex laiki shareholders will now hold 18% of the BOC capital via a CBC trustee / administrator. The management will continue as is until the next AGM of the company in September.

 


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