National Bank of Greece said yesterday it would make a public offer of 5.50 euros a share for all remaining shares in insurance subsidiary Ethniki it does not own. The bank wants to buy the remaining 23.08 percent of Ethniki it does not own as part of plans to simplify and rationalize its group structure. The stake will cost 164 million euros. NBG said it would finance the cash offer with existing reserves. It is being advised by Goldman Sachs and Morgan Stanley on the tender. Ethniki Insurance will miss its profitability targets this year because of intense competition in the sector and will not pay a dividend. The public offer is subject to regulatory approval. The relevant dates will be announced after the securities regulator’s approval. (Reuters)

ISTANBUL (Reuters) – Turkish markets lost ground yesterday in line with global markets on renewed credit market worries and risk aversion that may cut cash flow into emerging markets. Traders said investors were taking profits after a recent rally in Turkish markets. The lira eased 0.8 percent from six-year highs to close at 1.2330 against the dollar on the interbank market. The main share index, which has outperformed other emerging markets in recent months, fell 1.28 percent to 52,893.18 points. “There is no reason to be pessimistic about the fall and it should not be exaggerated. It is natural to have profit-taking after such a sharp rise. This is a technical correction,” said one trader. Traders have said the central bank is expected to initially increase the volume of its dollar purchase auctions in the face of current lira strength.

Broker Credit Agricole Cheuvreux said yesterday it had launched a new research product on Greek equities as part of plans to extend its Southeast European markets coverage. The research team will cover Greek listed companies and a selection of Romanian and Bulgarian listings. Coverage of the Turkish market will start in the first quarter of next year. CA Cheuvreux will be opening offices in Athens and Istanbul shortly. Andrea Dal Negro, who worked for NBG International in London before joining Chevreux, will head the sales team with Costas Theodorou, previously with National Securities, heading the research team. CA Cheuvreux said it was currently assembling a Turkish team of 10 analysts. (Reuters)

Cyprus’s total direct tax revenues for January to August increased 49 percent year-on-year to 745.4 million Cyprus pounds (US$ 1.8 billion), the Inland Revenue department said yesterday. The increase was largely attributed to revenue from capital gains tax, which rose 172 percent year-on-year to 176.4 million Cyprus pounds. Corporate tax revenue increased to 205.8 million Cyprus pounds or by 46 percent year-on-year. (Reuters)