BoC Fac­tors up, call for cruise cen­tre

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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