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The extra time has been afforded to allow for the opportunity for expression of interest from the greatest number of quality investors, as well as for the addition of another two advisors to the issuance.

Further to HSBC and Credit Suisse, Deutsche Bank and the Russian VTB will also become involved in the share issuance, reportedly for the same reason they were involved in the recent issuance of the Government bond: to attract Russian investors.

The amount of issued shares has yet to be confirmed, and is pending the results of the Asset Quality Review, which will be conducted by KPMG at the behest of BoC.

In keeping with reports of the first stage of the review, some experts have conjectured that the issuance will amount to anywhere between €500-800 million, with the goal of strengthening the bank to the degree that it satisfies the 5.5% capital required by the adverse conditions set out by the ongoing EU stress tests.

Regarding the price of the issue for new shareholders, this will depend on the level of interest received. In keeping with this, despite some Board members hoping to price the issue at 40 cents – so as to limit the dilution of shareholders – it is more likely that the issue will be priced at 30 cents.