An overwhelming majority of the bank's shareholders voted in favour of the listing.

Some 99.7 per cent of Bank of Cyprus shareholders have approved listing of the group's shares on the London Stock Exchange, signalling a milestone in the bank's journey to recovery after the Cypriot banking crisis in 2013.

The bank, which provides services including private banking, came close to collapse in 2013 due to its exposure to Greek debt and Cyprus' financial meltdown. It was recapitalised after deposits were turned into equity through a process known as a "bail-in", as part of Europe's €10 billion ($10.6 billion) plan to rescue Cyprus that year.

In addition to applying for a standard listing on the LSE, the Bank of Cyprus said it intends to maintain a listing on the Cyprus Stock Exchange but will no longer be listed on the Athens Exchange. In order for the bank to be considered eligible for inclusion in the FTSE UK Index series, a holding company has been established in Ireland.

By becoming London-listed, the bank seeks to improve the liquidity of its stock, which will enhance its visibility and lead to a broader base of investors capable of long-term support, it said in a statement. The Bank of Cyprus also said it seeks to improve the confidence of all stakeholders.

Since 2013, the bank has raised €1 billion in additional capital, changed its board members and made “significant reductions” in problem loans and emergency liquidity assistance, the group said.

Commenting on the London listing, Josef Ackermann, chairman of the bank said: “We believe that the Bank, and its stakeholders, will benefit from the greater profile, liquidity and access to capital that a London listing offers. The London listing will also enhance the Group’s ability, as the largest banking and financial services group in Cyprus, to play a key role in supporting the growth of the Cypriot economy.”