ECONOMY

In Brief

Commercial Bank to update its corporate identity Commercial Bank of Greece is in the process of acquiring a more modern, less-transparent corporate identity, Managing Director Yiannis Stournaras told a shareholders meeting yesterday. He said the bank is currently focusing on further developing alternative transaction networks (ATMs, Internet and phone banking) and restructuring its branch network, with the help of the McKinsey Firm as advisers. Stournaras said Commercial placed great value on its developing strategic partnership with France’s Credit Agricole and announced it is in negotiations for the acquisition of a bank in Serbia. Commercial is also targeting an increase in its retail banking market share; retail loans rose from 54 percent of its total lending in 2000 to 75 percent last year. Dervis sees Turk bank audit ready before IMF meet ANKARA – Turkish Economy Minister Kemal Dervis said yesterday an audit of the country’s crisis-wracked banking sector would be ready within 10 days, before a key International Monetary Fund (IMF) board meeting slated for mid-June. Authorities had originally promised the IMF they would release by May 15 an audit to determine banks’ capital needs after two financial crises in 2000 and 2001 hit the sector and sparked the country’s worst recession since 1945. «We expect the results (of the bank audit) in the next 10 days,» Dervis said in an interview with Turkey’s CNBC-e television station, adding that he believed the cost of raising banks’ capital would be less than the $4 billion earmarked for the scheme. (Reuters) Minoan Lines trims Q1 losses Ferry operator Minoan Lines yesterday reported a net loss in the first quarter of 4.8 million euros versus a loss of 5.8 million euros in the same period a year earlier. Sales rose 37.5 percent year-on-year to 28.5 million euros. Profit before tax, interest and depreciation and amortization improved to 2.2 million euros, versus a loss of 0.6 million euros in the first quarter of 2001. Minoan’s shares on the Athens bourse fell 2.5 percent to 1.95 euros. (Reuters) Avax Q1 p/tax profit up Construction group Avax said first-quarter group pretax profit after minorities rose 3.1 percent year-on-year to 9.7 million euros. Group revenues increased 4.8 percent to 88.6 million euros compared to the same period a year earlier. (Reuters) Maillis Packaging group Maillis said first-quarter group profit before tax rose 16.5 percent year-on-year to 7.5 million euros. Group sales for the same period grew 17 percent on an annual basis to 77.2 million euros. Its shares fell 1 percent to close at 5.92 euros (Reuters) EYDAP Q1 p/tax profit plunges The Athens Water Supply Company (EYDAP) said its first-quarter pretax profit plunged 64.8 percent year-on-year to 6.8 million euros, after a cut of 11 million euros in state subsidies. It said a 25.8-percent increase in operating expenses also hurt profits, while turnover grew 4.6 percent on an annual basis to 62.3 million euros. (Reuters)