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Financial Mirror (Cyprus) - - FRONT PAGE -

stake in the Cyprus sub­sidiary, at an es­ti­mated cost of CYP 15 mln and a fur­ther 5 mln cash in­jec­tion. The bank has strug­gled to build up mar­ket share and was stuck at 0.6% of de­posits and 1.2% of loans. If the bid fails, then Na­sos Ktorides of Glory (with a 10% stake) may put in a fresh bid. The other share­hold­ers in­clude Efthyvou­los Paraske­vaides (105) and Dakis Ste­lios Ioan­nou (5%).

The Greek civil avi­a­tion au­thor­ity re­futed re­ports from Cyprus that paces all blame for the Au­gust 14 He­lios crash that killed 121 pas­sen­gers and crew on the Greek side. Cyprus of­fi­cials had claimed that the Greek au­thor­ity

He­lios blame:

had failed to raise the alarm in time over the lack of com­mu­ni­ca­tions with the plane. Of­fi­cials in Athens re­turned the blame say­ing that their Cypriot coun­ter­parts shoul­dered most of the blame as they failed to in­form Athens con­trol that there was a prob­lem with the Boe­ing 737-300. He­lios, mean­while, can­celled flights to Prague and Athens.

Busi­ness is be­ing di­verted away due to cum­ber­some rules on stamp duty, ac­cord­ing to the Cyprus In­ter­na­tional Busi­ness As­so­ci­a­tion, which has called for a wide range of re­forms, in­clud­ing tax­a­tion and immigration rules.

Bank of Cyprus shares trad­ing in Greece re­vis­ited the all-time high last seen on Au­gust 9 at EUR 3.42 (CYP 1.96), buck­ing the de­clin­ing trend on the Athens main mar­ket and ahead of the re­lease of the first half re­sults.

Stamp duty:

BOC shares:

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