ECONOMY

In Brief

Commercial Bank snubs fraud and forgery charges The Commercial Bank said yesterday it would ask for the intervention of the Capital Market Commission, after an Athens public prosecutor filed charges against persons unknown for fraud and forgery. The charges were issued after an investigation into allegations by Stephanos Tsipas, a former high-ranking executive of the bank, that the bank had engaged in favoritist lending at a loss. The bank said the probes were made into the allegations two years ago and that the explanations given then were considered satisfactory. Advisers’ recommendation for OA expected next week The government expects a recommendation from privatization advisers Credit Suisse First Boston on the sale of ailing Olympic Airways next week, sources said yesterday. We will probably see the recommendation next week after the new finance minister meets with the transport minister, said a transport ministry source. The advisers will either recommend signing a preliminary agreement with leading bidder, Greece’s Axon Airlines, or proceeding to talks with runner-up, Australia- based venture capital firm Integrated Airline Solutions. (Reuters) 2004 insurance. Athens 2004, the organizers of the Olympic Games, has issued a tender addressed to companies with experience in insuring Olympic events to prepare a study in risk management for 2004, including an assessment of costs. Sources said four companies of US and British interests intend to respond to the tender. SSSB attracted by large caps. Schroder Salomon Smith Barney said in a research report yesterday that selected Greek large-cap stocks were looking more attractive following the Athens bourse’s sharp correction since the beginning of the year. The 30 percent correction in the Greek market since the start of the year has created some attractive stock opportunities and we now have a positive fundamental view on most stocks in our large-cap universe, analyst Lambros Papadopoulos said in the report (Reuters) Eco-tourism. The eco-tourism conference to be held as part of the Philoxenia 2001 international exhibition on November 2 and 3 in Thessaloniki will include four thematic units: Market organization, legal framework in Greece and abroad, examples from other countries and examples from Greece. Also, the Greek Tourism Organization and the Center for Renewable Energy Sources will stage a presentation of programs on RES and energy savings in the tourism industry in a central hotel in the city. Omega Bank. New commercial bank Omega opened its first branch in the Athens suburb of Glyfada and plans to have six more branches operating by year-end in the capital and other cities, it said yesterday. It was licensed by the Bank of Greece in January 2001 starting with equity capital of 20 billion drachmas. The bank said it cooperates with Swiss group Hugo Kahn Bank, based in Zurich, in the area of private banking and asset management. Omega has 127 shareholders. (Reuters)