Arab Bank prof­its, HSBC ex­pands in Cyprus

Financial Mirror (Cyprus) - - FRONT PAGE -

Arab Bank Group an­nounced a 19% rise in prof­its and that it plans to ex­pand its lo­cal op­er­a­tions, while HSBC also made sim­i­lar an­nounce­ment to ex­pand its loan syn­di­ca­tion pres­ence, ac­cord­ing to the is­sue 161, on May 8, 1996.

With Group prof­its up 19%, Arab Bank said its Cyprus op­er­a­tions saw a 50% in­crease in af­ter­tax prof­its and a 25% in­crease in both de­posits and loans. Lo­cal Man­ager Toufic Da­jani said Arab Bank “is here to stay.”

Arab Bank:






HSBC In­vest­ment Bank Cyprus plan to get more ac­tive in the lo­cal loans mar­ket, by break­ing into the syn­di­cated mar­ket for pri­vate and pub­lic bor­row­ing. Manag­ing Direc­tor Takis Taousha­nis said HSBC Cyprus wants to be more ac­tive in merg­ers and ac­qui­si­tions, pri­vati­sa­tion and gen­eral ad­vi­sory work in help­ing com­pa­nies go pub­lic, raise eq­uity and debt.



The em­ploy­ers’ fed­er­a­tion OEV has launched an on­line directory in co­op­er­a­tion with ISP Cylink and has in­tro­duced an In­ter­net fee for mem­bers at CYP 25.



Louis launched its cruise sea­son by of­fer­ing “qual­ity cabin cruises” as against “cheap deck pack­ages” of its ri­vals, with a cat­a­logue of 330 deals on board the Princesa Vic­to­ria, Princesa Marissa, Princesa Cypria and Princesa Amorosa. The com­pany aims to at­tract 160,000 pas­sen­gers to its mainly 2-day and 3-day mini-cruises to Egypt and the Holy Lands and 7-day cruises to the Greek is­lands.

And our sug­gested that it would be a dif­fi­cult task for Health Min­is­ter Mano­lis Christofides to pro­ceed with the as ev­ery­one op­posed it and the cost es­ti­mate had al­ready bal­looned from CYP 165 mln in 1994 to 1 bln by im­ple­men­ta­tion.


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