“Less than a year after the conversion of almost half their deposits over 100,000 euros ($136,000) into equity, Bank of Cyprus Pcl shareholders face another potential blow as the lender’s management prepares to woo international investors for a stock sale. The lender was responding to an ultimatum this week by Central Bank Governor Chrystalla Georghadji to raise at least 1 billion euros in new capital by Aug. 8 before euro-area bank stress tests. Such a move was opposed by shareholders, many of them Russian, who are concerned their stakes will be diluted, according to a senior Bank of Cyprus official. Bank of Cyprus’s liabilities toward euro-area central banks total almost 60% of GDP.”
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