BOC in mutual funds, profits at par with Greek giants
Bank of Cyprus announced it was setting up a mutual fund venture together with SBC, while its profits of CYP 42.5 mln were at par with Greek peers and aimed to double in five years, according to the
issue 151, on February 28, 1996. Swiss Banking Corp. announced a joint venture with Bank of Cyprus to promote about 90 mutual funds in the local and offshore markets, with the Cypriot bank’s Global Equity Fund with GBP 17.5 mln under management, reporting a 20.2%
return in sterling terms.
BOC Chairman Solon Triantafyllides said that 1995 saw a spectacular rise in profits, which is at par with most Greek banks, and in market cap was the third biggest behind Alpha Credit and NBG. The 30% rise in operating profits to CYP 42.5 mln is expected to reach 100 mln in five years, Triantafyllides declared.
Share prices fell across the board as confusion mounted on the future of the stock market