BOC to raise CYP 75 mln, Menatep aims bigger share
Bank of Cyprus aims to raise CYP 75 mln in fresh capital in its first international offering in Cyprus pounds, while Russian OBU Menatep aims to boost its offshore presence, according to the Financial Mirror issue 177, on September 4, 1996.
Bank of Cyprus said it will raise CYP 75 mln in new capital, 40 mln of which from abroad. Chairman Solon Triantafyllides said the CYP 50 mln convertible bond issue will be in October of which 3040 mln will be offered to foreign investors. The proceeds will help the expansion in Greece and local lending.
Menatep Bank, the Russian OBU, aims to raise its market share ion the offshore sector by boosting its balance sheet footing from $21 mln to 100 mln next year.
President Glafcos Clerides rejected talks of a cabinet reshuffle, some even suggested from his own party and coalition partners.
State aid to boost wine exports is expected to reach CYP 9.5 mln, including grants and subsidies on the interest for the purchase of new technology.