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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.