Bank of Cyprus’s decision to shift its listing back to Athens also shows how far Greece has recovered.

The things that attracted Lone Star to Bank of Cyprus are present in banks in Greece and elsewhere in peripheral Europe. If other private equity-like investors take an interest, domestic political blessing could be the key to success.

Bank of Cyprus has its quirks – such as a sanctioned oligarch as a large shareholder – but it is far from the only European bank with good potential still shunned by mainstream investors.

Investors keep powder dry for Greece and Cyprus; EBRD tempts global investors with co-investment.