In Brief
Bank of Cyprus sees 2007 profit exceeding target NICOSIA (Reuters) – Bank of Cyprus said yesterday it expected full-year after-tax profits to exceed its initial target of 415 million euros ($576.9 million). The bank said its nine-month profits, due to be announced on November 8, would be higher than the corresponding period of 2006 with a rate of increase at similar levels to those of the first half of 2007. The Cypriot bank, which is the island’s largest lender, recorded 58 percent net-profit growth for the first half of this year, aided by strong lending growth. The bank’s board will examine revised profit targets on November 8 and also discuss possible payment of an interim dividend to shareholders, Bank of Cyprus said. Piraeus Bank completes acquisition of Ukraine bank Piraeus Bank has completed the buyout of Ukraine’s International Commerce Bank (ICB) after approval by supervisory authorities in Greece and Ukraine, Piraeus said yesterday. Greece’s fourth-largest lender closed the deal to buy ICB in May as part of its plans to expand in the region. Piraeus said it paid $75.3 million for a 99.6 percent stake. ICB, founded in 1994, has a network of 133 outlets in 38 cities throughout Ukraine, employs 910 people and has more than 25,000 customers. Piraeus Bank has international operations in eight countries – Romania, Bulgaria, Albania, Serbia, Egypt, Ukraine, the UK and the USA – with a network of 413 branches and a staff of 5,140. (Reuters) Banker indicted Romanian prosecutors said yesterday they had indicted a senior official from the international bank Credit Suisse on charges of espionage related to strategic privatizations in the country. Prosecutors allege that Vadim Benyatov, Credit Suisse’s managing director and head of investment banking in Eastern Europe, breached national security by forming an organized crime group to obtain confidential state data. Credit Suisse said they were unconvinced prosecutors had any evidence against Benyatov, an American citizen. In April, investigators indicted Credit Suisse consultant Stamen Stanchev along with former officials from the Economy and Communication ministries, in the same case, on charges of leaking secret documents. (Reuters) Diana Shipping Diana Shipping Inc, a dry-bulk carrier operator, said it will make a public offering of 10 million common shares. Wachovia Securities and JP Morgan are joint book-running managers of the offering, the company said. The Greek company expects to grant the underwriters a 30-day option to buy an additional 1.5 million shares to cover any over-allotments. (Reuters) Carrefour in Bulgaria Carrefour Marinopoulos will invest an estimated total of 81.5 million euros for the creation of its shopping center in Sofia, which in 12 months will include the first hypermarket of the group, as well as another 200 stores at least in its 90,000 square meters. It will also open another Carrefour inside the Mall of Cyprus in Nicosia, besides its existing nine stores on the island. In Greece, the company agreed with US group BCBG Max Azria to distribute the latter’s low-cost clothing brand «Tex by Max Azria.» Air China to Athens The national carrier of China announced the start of flights between Athens and Beijing on November 28. The Air China flights will stop at Dubai. They are scheduled for Mondays and Thursdays at 9.30 a.m. from Athens and on Wednesdays and Sundays at 8.40 p.m. from Beijing. For more information visit www.airchina.com.cn.
