Amex to start, Ward­ley re­named HSBC

Financial Mirror (Cyprus) - - FRONT PAGE -

Amer­i­can Ex­press is con­sid­er­ing open­ing an ex­change bureau to ex­change trav­ellers’ cheques, ac­cept for­eign cur­rency and take care of for­eign clients; Ward­ley is chang­ing its name to HSBC In­vest­ment Bank; and, lead­ers hailed a de­ci­sion to start EU ac­ces­sion talks within 1996, ac­cord­ing to the Cyprus Fi­nan­cial Mir­ror is­sue 96, on Fe­bru­ary 1, 1995.

Amer­i­can Ex­press plans to open an ex­change bureau due to popular de­mand, mostly from for­eign clients, ac­cord­ing to Ter­ri­tory Manager So­teris So­te­riou. The brand was first in­tro­duced to Cyprus in 1925 by AL Man­to­vani and Sons, and since 1968 when it ap­pointed the first mer­chant, the net­work of out­lets has reached 3,500.

Ward­ley Cyprus, the off­shore bank­ing unit (OBU) owned by the HSBC Group has changed its name to HSBC In­vest­ment Bank Cyprus as part of a global process to cre­ate a uni­fied brand, said Man­ag­ing Direc­tor Takis Taousha­nis. The bank is quite ac­tive lo­cally as well, pro­vid­ing over $80 mln in loans to Cypriot en­ti­ties and re­cently con­cluded a $70 mln medium gov­ern­ment.

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The gov­ern­ment and most of the po­lit­i­cal par­ties and pro­fes­sional bod­ies ap­plauded the EU For­eign Min­is­ters agree­ment in Brussels to start ac­ces­sion talks with Cyprus “no later than six months” af­ter the con­clu­sion of the 1996 in­ter­gov­ern­men­tal con­fer­ence to re­view the Maas­tricht treaty.

Lom­bard Natwest Bank re­ported a record 177% rise in prof­its ris­ing to CYP 1.65 mln for the fi­nan­cial year ended Septem­ber 1994, with de­posits up 24% to CYP 118 mln and loans up 32% at CYP 86 mln. To­tal as­sets in­creased to CYP 160 mln, said Chair­man Michalis Colo­cas­sides

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