BOC to raise CYP 75 mln, Me­natep aims big­ger share

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

BOC funds:

Me­natep grows:

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.

No reshuf­fle:

Wine

aid:

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