Arab Bank profits, HSBC expands in Cyprus
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.”
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.