Bank of Cyprus (BoC) could shift its stock market listing to the London Stock Exchange from Athens, according to a report by PEHub.
“It feels to people like a Greek stock,” PEHub cited Chairman Wilbur Ross saying during his keynote speech at Buyouts Chicago conference Tuesday.
“Hopefully [a move to the London Stock Exchange] will change people’s perception.”
The Cyprus Weekly first reported on a possible London listing two weeks ago. Our sources told us that the move would come help the bank go for a bond issue by the end of 2015, following the expected appointment of a new Chief Executive Officer (CEO) this month.
Both the Athens Stock Exchange and the Cyprus Stock Exchange suffer from a lack of liquidity as well as the fallout from the ongoing Greek crisis.
On Thursday BoC stock was trading at around €0.22 per share with volumes of just €5.6m.
BoC has some exposure to the London market via the FTSE/CySE 20 index.
Cyprus Weekly