Financial Mirror (Cyprus) - - FRONT PAGE -

hold­ing a majority stake in UL and sub­se­quently USB were un­happy that Ge­orghiou said he would step down as bank chair­man, but keep a board seat. The move is linked to the banks want­ing to re­place the present board and dis­pose of their 63% stake in the in­surer to Dutch Eureko.

Bank of Cyprus kicked off the third quar­ter re­port­ing pe­riod with a 214% surge in prof­its in the 9-month pe­riod, from a dis­mal 9-month fig­ure in 2003 of only CYP 9.79 mln to 31 mln, con­tin­u­ing on the trend from the first half prof­its of CYP 16.22 mln.

Libra Hol­i­days is close to fi­nal­iz­ing a deal through which it will se­cure 100% con­trol of pri­vate air­line He­lios Air­ways in a deal re­port­edly val­ued at be­low CYP 5 mln. Flush with money from in­surer is about to pro­ceed with an ini­tial pub­lic of­fer­ing of 1.58 mln shares to be sub­scribed to in parts of CYP 1.80 a share over the next two years, rais­ing CYP 754,000 now and even­tu­ally ris­ing to CYP 2.84 mln to fi­nance ex­pan­sion plans.

New Fi­nance Min­is­ter and for­mer se­nior civil ser­vant Christodou­los Christodoulou ini­ti­ated a first meet­ing with the lead­er­ship of the Pasydy pub­lic ser­vants’ union, with in­dus­trial un­rest ex­pected to flare up next year as the main trade unions seek 3.5% wage hikes, un­re­lated to pro­duc­tiv­ity rates.

Era Split Cap­i­tal In­vest­ments is

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