jam_90s via flickr
For the bank’s shares, London Stock Exchange has become a new place after Athens Stock Exchange. Bank of Cyprus decided to take this step long before the Brexit referendum, and has not changed its decision afterwards. The bank also plans to double size of its British assets (currently £ 1 billion) and slightly increase number of employees in the country, writes Financial Times. Assets of Bank of Cyprus exceed EUR 22 billion in total. "We believe that the country with a population of 70 million people and a large number of companies can help us to make a profit for shareholders", - said Hourican.
The bank's shares are also traded on the stock exchange in Nicosia.
Previously, Bank of Cyprus has paid EUR 11.4 billion of loans, urgently granted by the Central Bank earlier. The sum is corresponding to more than 60% of Cyprus’ GDP in 2013. Having its debts paid, the institution again received an opportunity to pay dividends to shareholders.
Even despite the abovementioned fact, future of the London Stock Exchange looks uncertain. LSE Group last year agreed to merge with its rival Deutsche Boerse. Then, LSE hastened to assure that it would not withdraw the clearing business from the country. This particular question is going to be one of the most important during the Brexit negotiations, as some EU leaders, particularly French President Francois Hollande, said that clearing of transactions carried out in euros should take place within the EU only.
Meanwhile, Germany's financial center, Frankfurt, is going to take London’s place after the UK leaves the EU. This will happen after merger of the London Stock Exchange and German stock exchange Deutsche Boerse, according to Business Insider.
Frankfurt can get billions of pounds as a result of this merger. This, in turn, will allow Deutsche Boerse to move a significant portion of the London Stock Exchange’s trading in derivative financial instruments from the UK to Germany.
According to research work of Professor Dirk Schiereck from the Technical University of Darmstadt, Brexit "will make Frankfurt the center Europe's financial markets regulation, and possibly supranational center for risk management."
"Deutsche Boerse has a good chance to get a significant market share in the area of interest rates and foreign exchange as a result of moving the trade from London to Frankfurt", - wrote Dirk Schiereck in his recently published article.
Schiereck gave an example of bond trading in the 90s. "Moving futures trading from London to Frankfurt in early nineties years can serve as an example in the present time", - he said.
source: ft.com, businessinsider.com
The bank's shares are also traded on the stock exchange in Nicosia.
Previously, Bank of Cyprus has paid EUR 11.4 billion of loans, urgently granted by the Central Bank earlier. The sum is corresponding to more than 60% of Cyprus’ GDP in 2013. Having its debts paid, the institution again received an opportunity to pay dividends to shareholders.
Even despite the abovementioned fact, future of the London Stock Exchange looks uncertain. LSE Group last year agreed to merge with its rival Deutsche Boerse. Then, LSE hastened to assure that it would not withdraw the clearing business from the country. This particular question is going to be one of the most important during the Brexit negotiations, as some EU leaders, particularly French President Francois Hollande, said that clearing of transactions carried out in euros should take place within the EU only.
Meanwhile, Germany's financial center, Frankfurt, is going to take London’s place after the UK leaves the EU. This will happen after merger of the London Stock Exchange and German stock exchange Deutsche Boerse, according to Business Insider.
Frankfurt can get billions of pounds as a result of this merger. This, in turn, will allow Deutsche Boerse to move a significant portion of the London Stock Exchange’s trading in derivative financial instruments from the UK to Germany.
According to research work of Professor Dirk Schiereck from the Technical University of Darmstadt, Brexit "will make Frankfurt the center Europe's financial markets regulation, and possibly supranational center for risk management."
"Deutsche Boerse has a good chance to get a significant market share in the area of interest rates and foreign exchange as a result of moving the trade from London to Frankfurt", - wrote Dirk Schiereck in his recently published article.
Schiereck gave an example of bond trading in the 90s. "Moving futures trading from London to Frankfurt in early nineties years can serve as an example in the present time", - he said.
source: ft.com, businessinsider.com