ECONOMY

Cyprus church eager to invest

The Archbishopric of Cyprus increased its stake in Hellenic Bank pcl, the island?s third-largest bank, to 16.4 percent from 13.7 percent, according to a filing sent to the Cyprus bourse on Wednesday.

The Orthodox Christian Church of Cyprus wants to invest hundreds of millions of euros in the country, including its banks, to sustain the economy and boost jobs, Archbishop Chrysostomos II said in April.

The Church, the largest investor in Nicosia-based Hellenic Bank, also has shares in Bank of Cyprus PLC and a minimal holding in Cyprus Popular Bank pcl, Chrysostomos said at the time.

Other church institutions have a 7 percent stake in Hellenic, according to a May 30 presentation by the bank. [Bloomberg]