The lender is “able to take advantage of the business opportunities and to further expand its customer base and market share,” the lender said in an emailed statement on Friday. “By completing phase 1 of the bank’s rights Issue, through the subscription and the presubscription phase, the group’s common equity tier 1 ratio, pro forma 30 September 2014 following the conversion of the contingent convertible securities. The group’s success is remarkable as it is achieved in the adverse and challenging economic environment”.

The bank’s three major shareholders, entertainment software developer Wargaming Public Company Ltd, Third Point Hellenic Recovery Fund L.P. of hedgefund manager Daniel Loeb and Demetra Investments Ltd “have fully supported the rights issue, confirming both their confidence and their commitment to the group,” Hellenic said.

On November 26, archbishop Chrysostomos said the Church of Cyprus decided to abstain from the share issue citing the lack of funds and losses from its investment in the banking sector.

The lender completed the ECB’s asset quality review in October with a €105 million capital shortfall in the adverse scenario.

Source: Cyprus Mail