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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
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.