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Bank of Cyprus shores up base with $1.3 billion
First Published Jul 28 2014 04:45 pm • Last Updated Jul 28 2014 04:45 pm

NICOSIA, Cyprus • Cyprus’ largest bank says it has bolstered its capital base by raising $1.34 billion through a private placement of new shares.

Bank of Cyprus said late Monday the new shares each valued at 32 cents went to institutional investors from Europe, North America and Russia.

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It said existing shareholders will get a chance to buy back up to 20 percent of those shares, but that the total capital raised would remain at $1.34 billion.

The bank said this will speed up its restructuring plans and help it pass European tests this year gauging its health.

Bank of Cyprus figured prominently in the country’s multibillion-euro rescue last year that sanctioned a grab of uninsured deposits in its two biggest lenders.




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