ECONOMY

Alpha Bank takes over ABC Factors

Alpha Bank, the biggest privately owned bank in the country, is to take full control of ABC Factors, its factoring joint venture with Cyprus Bank, for 10 billion drachmas (29.3 million euros). The move came after both banks decided to operate independently in the factoring market. Set up in 1994, ABC Factors had own capital of 4.6 billion drachmas (13.5 million euros) at the end of September 30, 2001. The agreement relating to the creation of the company contained a clause that allowed either partner to buy out the other after seven years. Cyprus Bank said it will incorporate the profit into its accounts once the transaction has been approved by relevant authorities, expected by the end of the year. It also announced plans to set up a fully-owned subsidiary, Cyprus Factors, which will focus on the factoring business. We want Balkan Airlines to restart operations and obtain the necessary investment as soon as possible.