The Athens Stock Exchange today welcomed the Management and executives of the Bank of Cyprus, on the occasion of the bank’s return to the A.E., after seven years, and the start of trading of its shares on the Main Market.

Mr. Takis Arapoglou, President of the Bank of Cyprus, announced the start of today’s meeting by ringing the traditional bell.

The President of the Bank of Cyprus emphasized, among others:

“It is with great pleasure that Bank of Cyprus returns to the Greek stock market after 7 years of absence. Our exit in 2017 and our listing on the London Stock Exchange was deemed necessary to ensure the bank’s presence in the markets. In the years that followed it became clear that our London Stock Exchange lacked recognition by a wide range of investors and the ability to compare with banks and compare with banks of similar size and geographic activity and analyst coverage. Thus, the progress that the bank was constantly making was not satisfactorily reflected in the share price, which had a low trading volume. This in turn prevented many investors from getting interested and investing in the stock.

After in-depth discussions with analysts and investors and with the unanimity of our shareholders, we decided to transfer to the Stock Exchange with the belief that our stock will gain greater marketability, as it will receive the attention of more analysts and investors. The Athens Stock Exchange is a mature market with a growing reputation that keeps pace with the economic development of the Greek economy.”

The CEO of the Athens Stock Exchange Group Mr. Giannos Kontopoulos emphasized: “The Greek market warmly welcomes the largest banking group of Cyprus which has a long history of 125 years. Today is the second time that the AX welcomes Bank of Cyprus. the first was in November 2000. The crisis of the beginning of 2010 interrupted the development course of the bank and its shares were delisted in January 2017. This was followed by the implementation of a consolidation plan that put the bank back on the path of growth development course, with a capitalization of 2 billion euros and a high dispersion, it is sure to be a new important member of the banking sector of the Athens Stock Exchange. The decision of the Bank’s management to reintroduce its shares to the Greek stock market is a confirmation of the role now the AX and the international investment community. It also highlights the multiple benefits that come with the entry of a company’s shares on the Stock Exchange”.

The President of the Capital Market Commission, Vasiliki Lazarakou, pointed out that the re-introduction of Bank of Cyprus shares to the AX is a vote of confidence in the Greek market and reflects the development course of the Greek economy.