On March 5, 2013, the trading of Bank of Cyprus shares on the Athens Stock Exchange was suspended due to the reduction of its core capital.

On March 16, 2013, the European Union, European Central Bank, International Monetary Fund, and the government of President Anastasiades agreed to a €10 billion bailout package, which included a €5.8 billion "bail-in" on Cypriot bank deposits. This would have imposed a 7% levy on deposits up to €100,000 and 9.9% on deposits exceeding €100,000. However, the proposal was rejected by the Cypriot Parliament on March 19, 2013.

On March 25, 2013, the Eurogroup decided on a full restructuring and recapitalization of Bank of Cyprus based on relevant legislation. With this decision, Bank of Cyprus acquired the performing loans, other assets, and insured deposits of Laiki Bank. The goal was to create a healthy and resilient bank capable of meeting the needs of its clients and the Cypriot economy.

The Central Bank of Cyprus announced that this decision "ensured the avoidance of a bankruptcy for Cyprus and its consequences." It further explained that the agreement also avoided the disorderly collapse of Laiki Bank. The Eurogroup's decisions, the bank stated, "would help re-establish a strong banking sector that would contribute to financial stability and aid the growth of the Cypriot economy."

Subsequently, the EU finance ministers and the International Monetary Fund agreed on a new plan, which imposed a 47.5% haircut on deposits exceeding €100,000 in Cypriot banks. The recapitalization also involved a haircut on credit securities issued by Bank of Cyprus, and the two largest Cypriot banks, Bank of Cyprus and Laiki, were merged.

The networks of the two banks in Greece were transferred to Piraeus Bank.

In October 2013, the systems integration of the former Bank of Cyprus network and Piraeus Bank was completed. Following the Eurogroup’s drastic decisions, all Bank of Cyprus customers were transferred to Piraeus Bank’s systems, similar to the operational merger of Emporiki Bank with Alpha Bank, which was also completed during this period.

On September 18, 2014, the restructuring of the bank was completed with a capital increase of €1 billion, including the participation of foreign investors in the bank's shareholder structure.

In December 2014, Bank of Cyprus shares were relisted on the Cyprus Stock Exchange and the Athens Stock Exchange.

In January 2017, Bank of Cyprus shares began trading on the London Stock Exchange, a significant milestone in fulfilling the Group's strategic goals to become a strong financial institution capable of creating value for its shareholders. While maintaining its listing on the Cyprus Stock Exchange, the bank withdrew from the Athens Stock Exchange.

As Brief reports, since then, the bank has shown positive growth. Its core solvency ratios, boosted by profitability, reached 18.3% by mid-2024, with total capital ratios at 23.3% and MREL at 25.4%. The cost-to-income ratio stands at a satisfactory 32%, and impairment costs have decreased to 0.31%.

Following the half-year results, the bank’s management upgraded its forecasts for 2024, expecting return on tangible equity to exceed 19% for the full year (23.7% in the half-year). Non-performing exposures (NPEs) are expected to remain around 3%, with coverage above 80% (2.8% in the half-year, 85% coverage).

The bank's tangible net book value as of June 30, 2024, was €5.24 per share. According to stock market analysts, the share is trading at 0.79 times book value, within the mid-range of the four systemic Greek banks, with the current P/E ratio at 4 times and projected at 6 times for 2025.

The dividend for 2024 is expected to be around 50% of net profits, pending approval by supervisory authorities. Last year, Bank of Cyprus distributed 30% of its net profits (€112 million), with a dividend yield of 8%.

On Friday, September 13, 2024, Bank of Cyprus shareholders approved the bank’s return to the Athens Stock Exchange and the delisting from the London Stock Exchange.

The decision to return was made in August, as part of the Group's strategic reevaluation. Bank of Cyprus aims to achieve several objectives with its return to the ASE:

1. Strengthen the Group’s profile among the regional investment community, making it easier for investors to compare its performance with other regional banks.

2. Attract long-term institutional investors in the more specialized ecosystem of the Athens Stock Exchange.

3. Gain eligibility for inclusion in additional stock indices.

4. Increase its visibility among a broader range of institutional and private investors.

Speaking at the extraordinary general meeting, Chairman of the Board Takis Arapoglou emphasized that the listing on the LSE played a critical role in gaining international exposure and credibility during the bank's transformation. However, he expressed the Board’s belief that delisting from the LSE and relisting on the ASE would "enhance the liquidity of our shares and increase the Group’s visibility among a broader group of interested investors, benefiting both shareholders and the bank."

"We will continue to maintain our presence and share listing on the Cyprus Stock Exchange. This belief is the result of a holistic evaluation conducted after detailed consultations with our key investors, analysts, and brokers," Arapoglou added.

In conclusion, he stressed that "the re-listing of our shares on the Athens Stock Exchange is the next step in enhancing the bank’s profile. We are building on the significant efforts made in recent years to attract investors and analysts to increase the bank’s recognition."

AXIA analysts Eleni Ismailou and Konstantinos Zouzoulas reaffirmed a "Buy" rating, setting a new target price of €6.90 for Bank of Cyprus to achieve sustainable profitability. "Our investment position remains unchanged: the bank’s leading profitability in the market drives strong organic capital generation, which will result in significant distributions to shareholders," they said.

"Despite the higher valuation compared to Greek banks, we find the stock’s prospects attractive for long-term investors, as the favorable macroeconomic outlook for the country, combined with the bank's strong fundamentals and its return to the ASE, is expected to increase share liquidity, acting as key catalysts for its further revaluation," they explained.

The bank's listing on the Athens Stock Exchange is set to begin on September 23 at 10:15 a.m., with the LSE delisting taking place on September 19 at 10:00 a.m.

The final decision for the bank’s listing on the Athens Stock Exchange is expected from the ASE Admission Committee on September 17.