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Bank of Cyprus ends board meet on capital, announcement Friday
June 26, 2014 / 5:41 PM / in 3 years

Bank of Cyprus ends board meet on capital, announcement Friday

NICOSIA, June 26 (Reuters) - Cypriot lender Bank of Cyprus concluded a board meeting on Thursday where capital issues were discussed, a bank spokesman said.

He said an announcement on the matter would be issued on Friday morning. No further details were immediately available.

The Cypriot lender was forced to convert a large portion of client deposits to equity last year when international lenders refused to shore up the bank, Cyprus’s largest.

The process, known as a “bail-in”, marked the first time in the history of the euro zone debt crisis that distressed banks used client funds to recapitalise, instead of EU taxpayers. (Reporting By Michele Kambas, editing by David Evans)

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