BoC CEO sees mod­est prof­its at Lon­don list­ing

Kathimerini English - - Focus -

Bank of Cyprus ex­pects mod­est prof­itabil­ity in the next quar­ters and will not pay a div­i­dend this year, its chief ex­ec­u­tive said yes­ter­day, speak­ing as its shares were listed on the Lon­don Stock Ex­change. The list­ing in Lon­don was a vote of con­fi­dence in the City de­spite Britain’s loom­ing exit from the Euro­pean Union, CEO John Houri­can said. “Our board’s view is that the City of Lon­don re­mains the right place for us to put our bank’s stock, a de facto vote of con­fi­dence,” he said. Cyprus’s big­gest com­mer­cial lender is con­tin­u­ing its re­cov­ery af­ter a bail-in of un­se­cured de­posits and a re­cap­i­tal­iza­tion. One of the in­vestors in the re­cap­i­tal­iza­tion was bil­lion­aire Wil­bur Ross, US Pres­i­dent-elect Don­ald Trump’s pick for com­merce sec­re­tary. Funds man­aged by WL Ross & Co said yes­ter­day his con­fir­ma­tion would not im­pact his funds’ share­hold­ings in BoC. steps are re­as­sur­ing. “We have full con­fi­dence in the Is­raeli gov­ern­ment’s abil­ity to pro­tect Is­rael’s ter­ri­tory and the devel­op­ment of its nat­u­ral re­sources,” Mathios Ri­gas, chief ex­ec­u­tive of Greek en­ergy firm En­ergean, told Reuters. En­ergean in Au­gust paid $148.5 mil­lion for the rights to de­velop the Tanin and Kar­ish gas fields. It plans to in­vest up to $1.5 bil­lion and bring in a float­ing pro­duc­tion, stor­age and of­fload­ing unit to be an­chored around 100 km out to sea, mak­ing it a po­ten­tial tar­get for at­tack­ers.

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