ECONOMY

Greek-Turk joint bank

Business leaders have agreed to set up a joint bank that is described as the first to operate in both Greece and Turkey, the Athens News Agency reported yesterday. It said the Aegean Business Bank will initially operate in Athens and Izmir, with plans to expand later into Ankara, Istanbul, Piraeus and Thessaloniki. The report said the plan was to set up within five years a network of 26 branches in the two countries with 360 employees. With an initial capital of 60 million euros, the bank will become operational as soon as its statutes have been approved by the Greek central bank, ANA said. The new bank will invest in the capital of regional companies, and play an active role in the credit, insurance and financial sectors, ANA said. (AFP)