Credit con­trac­tion.

Kathimerini English - - Focus -

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.

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