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Progress being made at Bank of Cyprus

September 2013 - Litigation & Dispute Resolution. Legal Developments by Stelios Americanos & Co.

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Progress being made at Bank of Cyprus

 

Finally, after a long and tense meeting on Tuesday, the 10th of September, a new board of directors was elected for the Bank of Cyprus. The shareholders meeting in which depositors and steak holders were represented, voted in a new board reflecting the composition of the Bank's clients as well as a representation of the former Laiki Bank depositors ("Legacy Laiki").

 


The Consultancy firm of Mckinsey has been advising on the restructuring plan, which is yet to be approved by the new Board. It is also still unclear who will be appointed as CEO of the Bank 

The Bank announced last week that its share capital as at August 30 amounted to 4,698,219,049 euros divided into 4,698,219,049 ordinary shares of a nominal value of 1.00 each, of which 81.4% is held by 21,000 shareholders arising from the conversion of unsecured deposits. A further 0.5% is held by 88,000 former BOCY shareholders and 18.1% is held by the ‚Äėlegacy Laiki' following Popular Laiki's closure and absorption into BOCY.