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BoC shareholders approve capital increase

August 28, 2014

Bank of Cyprus (BoC) shareholders overwhelmingly approved a 1.0 billion capital raise on Thursday, the biggest foreign direct investment in the island's history.

The increase was put to the vote at an EGM. Over 87 per cent of present shareholders voted in favour.

Foreign investors, including US-based Wilbur Ross and the European Bank of Reconstruction and Development, have signed up to the capital increase, designed to bolster regulatory capital ahead of Europe-wide stress tests later in the year.

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Source: Cyprus Mail

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