Credit contraction.

terday it would apply for a listing on the London Stock Exchange as part of its restructuring drive. “We are delighted to be applying for a listing on the London Stock Exchange, which marks another significant step in the bank’s transformation,” said BoC chairman Josef Ackermann in a statement. “We believe that the bank, and its stakeholders, will benefit from the greater profile, liquidity and access to capital that a London listing offers.” Ackermann said the listing would enhance the group’s ability to play a key role in supporting the Cyprus economy’s growth. The bank said it still intends to maintain a listing on the Cyprus exchange but will no longer be listed in Athens. “The London listing is in line with the bank’s long- term strategic commitment to list on a major European stock exchange,” a BoC statement said. “In order to facilitate this process, a new holding company has been incorporated in Ireland, which is intended to become the new holding company of the group.”

Total credit in Greece’s banking system contracted 1.9 percent year-on-year in September after a 1.6 percent decline in the previous month, Bank of Greece data showed yesterday. Credit extended to the government fell 3.0 percent after decreasing by 1.3 percent in August, the central bank said. Lending to businesses and households declined 1.7 percent after a 1.7 percent drop in August.