03/08/2015 12:05
The balance sheet and the profits of Bank of Cyprus has reached a point allowing its listing on the London Stock Exchange, said in an interview with the newspaper Daily Telegraph, the outgoing CEO of the bank John Hourican.
“We are exploring the opportunity of whether the bank should be listed on the London Stock Exchange or another exchange in Europe. A FTSE listing is more likely, given our governance structure,” he explains.
Hourican says he is driving the move to a London listing, together with HSBC, whom he has appointed as advisers to the bank.
“The next CEO will have to stand in front of investors and explain the story,” he says.
“The listing is not yet a decision of the bank, but it would very much be our direction of travel. We will move in the first half of next year. It will require a lot of preparation – there is a lot of legal to-ing and fro-ing to be done. There is a lot of Stock Exchange entry stuff to be done”, Hourican notes.
Hourican argues that a London listing is only natural given the problems on the bank’s current markets. The liquidity levels in the Cyprus exchange are “ridiculously low”, he says, and the “Greek scar” it has from being listed in Athens “needs to be removed”.
The British newspaper notes that the bank today has a new investor base and strong capital levels, and is focused on Cyprus’s economic recovery rather than unfocused international operations.
“It is obvious that this bank is big enough and investable enough for us to want to put it on a proper exchange,” he continues. “We have got great governance now, we have changed all the rules, we are running it as if it were a London-listed company, with the transparency we have”.
Hourican explains that a potential listing would help to properly value the bank, whose current listings put it at €1.8bn (£1.26bn). He also believes it could help with future business development.
Hourican also stated that his next job is likely to be in London or Ireland for family reasons.
“We are exploring the opportunity of whether the bank should be listed on the London Stock Exchange or another exchange in Europe. A FTSE listing is more likely, given our governance structure,” he explains.
Hourican says he is driving the move to a London listing, together with HSBC, whom he has appointed as advisers to the bank.
“The next CEO will have to stand in front of investors and explain the story,” he says.
“The listing is not yet a decision of the bank, but it would very much be our direction of travel. We will move in the first half of next year. It will require a lot of preparation – there is a lot of legal to-ing and fro-ing to be done. There is a lot of Stock Exchange entry stuff to be done”, Hourican notes.
Hourican argues that a London listing is only natural given the problems on the bank’s current markets. The liquidity levels in the Cyprus exchange are “ridiculously low”, he says, and the “Greek scar” it has from being listed in Athens “needs to be removed”.
The British newspaper notes that the bank today has a new investor base and strong capital levels, and is focused on Cyprus’s economic recovery rather than unfocused international operations.
“It is obvious that this bank is big enough and investable enough for us to want to put it on a proper exchange,” he continues. “We have got great governance now, we have changed all the rules, we are running it as if it were a London-listed company, with the transparency we have”.
Hourican explains that a potential listing would help to properly value the bank, whose current listings put it at €1.8bn (£1.26bn). He also believes it could help with future business development.
Hourican also stated that his next job is likely to be in London or Ireland for family reasons.
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