Financial Mirror (Cyprus) - - FRONT PAGE -

mln shares in the Cypriot bank, mak­ing it the sec­ond largest in­sti­tu­tional af­ter Julius Bear In­ter­na­tional. Some pros said this is linked to the fact that from the be­gin­ning of the month, Bank of Cyprus has been in­cluded in the FTSE/XA40 in­dex in Greece and is a front run­ner to move to the FTSE/XA20.




Credit Agri­cole has put in a bid for a 91% con­trol­ling stake in Em­po­riki Bank, valu­ing the Greek bank at 3.1 bln eu­ros. The news pushed the stock up nearly 6% to 24.80 eu­ros. The Cyprus sub­sidiary of Em­po­riki is also likely part of the deal with the lo­cal share­hold­ers al­ready in talks with the French gi­ant.

When Cyprus joins the eu­ro­zone, pro­vided it ful­fils all the min­i­mum cri­te­ria, its share and con­tri­bu­tion to Euro­pean Cen­tral Bank re­served will be 0.13% or an es­ti­mated EUR 60 mln, cal­cu­lated on the ba­sis of pop­u­la­tion and GDP.



Profit from euro:

Cyprus ex­pects to break even or make a small profit from the changeover to the euro on Jan­uary 1, 2008, with the to­tal cost print­ing money and cut­ting coins put at CYOP 15 mln. The Cen­tral Bank said it will trans­fer CYP 5 mln from the 2005 sur­plus of CYP 8.2 mln, and the rest will come from the non-con­ver­sion of Cyprus pound coins and notes.

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