Cyprus bourse scraps banking index after bailout

Hellenic Bank Pcl

22/10/2013 08:26

NICOSIA, Oct 22 (Reuters) - Cyprus's bourse will stop compiling a separate index for banking shares from Oct. 31 after the number of listings in the sector was impacted by Cyprus's recent bailout, it said on Tuesday. Two of the largest listings in the index, Laiki Bank and Bank of Cyprus  BOC.CY , stopped being traded on the island's stock exchange in March. It left only one bank, Hellenic HBNK.CY .  Under terms of Cyprus's 10 billion euro bailout from international lenders, Laiki was wound down and Bank of Cyprus recapitalised with deposits from its larger clients, overhauling its ownership structure.  It is unclear when trading in Bank of Cyprus will resume. Trading in Hellenic Bank shares would continue to be reflected in the general index, a stock exchange official said. (Writing By Michele Kambas; Editing by David Cowell) ((michele.kambas@thomsonreuters.com)) Keywords: CYPRUS BOURSE/BANKS