Feb 28 (Reuters) - Bank of Cyprus BOC.CY (BOCr.AT) said on Monday it planned an issue of up to 1.34 billion euros worth of Convertible Enhanced Capital Securities to meet tighter capital rules.
Existing shareholders will have priority rights to subscribe, the bank said in a statement.
Bank of Cyprus's total capital adequacy ratio stood at 11.9 percent of assets on Dec. 31, its core tier 1 ratio was 8.1 percent and the tier 1 ratio stood at 11 percent.
The issue would strengthen its capital adequacy, with its pro-forma capital adequacy ratio reaching 14 percent and its Tier 1 ratio reaching 12.7 percent, the bank said. That was based on the assumption that all eligible securities, worth 818 million euros, were exchanged for the new enhanced capital securities.
source: Bank of Cyprus plans 1.34 bln-euro capital issue | Reuters
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Existing shareholders will have priority rights to subscribe, the bank said in a statement.
Bank of Cyprus's total capital adequacy ratio stood at 11.9 percent of assets on Dec. 31, its core tier 1 ratio was 8.1 percent and the tier 1 ratio stood at 11 percent.
The issue would strengthen its capital adequacy, with its pro-forma capital adequacy ratio reaching 14 percent and its Tier 1 ratio reaching 12.7 percent, the bank said. That was based on the assumption that all eligible securities, worth 818 million euros, were exchanged for the new enhanced capital securities.
source: Bank of Cyprus plans 1.34 bln-euro capital issue | Reuters
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