Source - LSE Regulatory
RNS Number : 0772V
Bank of Cyprus Holdings PLC
29 November 2023
 

                                                                               

 

Announcement       

Decision to call Additional Tier 1 Capital Securities

 

Nicosia, 29 November 2023

                  

 


 

 

Group Profile

 

The Bank of Cyprus Group is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. At 30 September 2023, the Bank of Cyprus Group operated through a total of 64 branches in Cyprus, of which 4 operated as cash offices. The Bank of Cyprus Group employed 2,913 staff worldwide. At 30 September 2023, the Group's Total Assets amounted to €26.4 bn and Total Equity was €2.4 bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus Public Company Limited and its subsidiaries.

In December 2018, Bank of Cyprus Holdings Public Company Limited (the "Company") issued €220 million Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities callable in December 2023 (ISIN: XS1865594870) (the "AT1 Capital Securities"), with a coupon rate of 12.50% per annum.  As per the terms of the AT1 Capital Securities, the Company has the option to redeem the securities at par on 19 December 2023.

In June 2023, the Company invited the holders of the AT1 Capital Securities to tender their AT1 Capital Securities for cash at a purchase price of 103% of their principal amounts.  As a result of the tender offer, c.€204 million or 93% in aggregate principal amount of the AT1 Capital Securities were purchased and cancelled by the Company, and c.€16 million in aggregate principal amount of the AT1 Capital Securities remained outstanding as at 30 June 2023. In July 2023, the Company purchased and cancelled a further c.€7 million of the AT1 Capital Securities, after which €8.25 million in aggregate principal amount of the AT1 Capital Securities remain outstanding.

On 29 November 2023, the Board of Directors resolved to exercise the Company's option to redeem the remaining €8.25 million in aggregate principal amount outstanding of the AT1 Capital Securities on 19 December 2023.  Notice of such early redemption will be given to holders of the AT1 Capital Securities by the Company in due course and in accordance with Condition 7(c) of the AT1 Capital Securities. Permission for early redemption of the AT1 Capital Securities was provided by the ECB, as the relevant Competent Authority, on 17 February 2023.

For further information, please contact Investor Relations at investors@bankofcyprus.com.

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCEAEFNAALDFFA
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts