Lombard BankLombard Bank

 

 

Lombard Bank shareholders have rejected the idea of the bank buying its own shares in Cyprus Popular Bank.

The bank asked shareholders to authorise it to pay a minimum of €1.54 and a maximum of €3.09 per ordinary share, with the share price currently at €2.411.

The bank had intended to bid for the 49.01 per cent of its shares held by Cyprus Popular Bank.

Lombard's intention raised financial, regulatory and ethical concerns as well as potentially legal ones.

The Investment Bank of Greece, which was handling the sale of CPB’s overseas investments following the national bailout of the Cypriot Bank, legal advice on Lombard Bank’s intention.

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