BoC Factors up, call for cruise centre
Bank of Cyprus Factors reported a rapid rise in turnover to almost double the previous year, while a leading travel expert has called for Cyprus to plan ahead and become regional cruise centre, the Cyprus Financial Mirror reported in its issue 74, August 31, 1994.
Bank of Cyprus Factors, established only three years ago, has recorded a spectacular performance and the turnover for this year is expected to near CYP 100 mln, almost double the 1993 figure, according to the collection division’s General Manager Athos Kyranides.
A leading expert in the tourism business, believes that Cyprus should look ahead before this booming industry turns to bust and that the island should upgraded its marine facilities to become a cruise centre similar to Miami, Los Angeles and Singapore. George Michaelides, Marketing Manager of the Louis Tourist Organisation said that Cyprus should not become over-dependant on the global tour operators and that tourism from the sea should match the tourism from the air, with passenger traffic having a potential to rise from 300,000 a year to 1 mln.
The biannual conference of the diaspora and repatriate Cypriot organisations has coincided with intensive efforts by the island’s two largest commercial banks to attract their business. Benefits by Laiki and Bank of Cyprus include self housing loans for up to CYP 40,000 with the repayment on capital a year later or a business loan of CYP 12,000 with a revolving credit line on overdrafts and a credit card of CYP 1,000, while the third product is an education loan of CYP 15,000 to help in the fees of repatriate children in private schools.
Eurocypria, the charter subsidiary of Cyprus Airways, and Greece’s Olympic are at an advanced stage of negotiations to create a new airline to to expand charter flights between Greece and EU countries, according to CAIR Chairman Vassilis Rologis.