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Cyprus News Agency: News in English (AM), 98-10-21

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Cyprus - Alpha Bank
  • [02] Cyprus - Turkish air violations

  • 1030:CYPPRESS:01

    [01] Cyprus - Alpha Bank

    Nicosia, Oct 21 (CNA) -- Alpha Credit Bank has expressed its intention to expand business on the island, describing such a move as a "natural step", after its expansion in the European Union and the Balkans.

    Speaking at a press conference, Alpha Chairman and Managing Director, Yiannis Costopoulos, said the first step would be to increase the bank's capital from 12 to 13 million Cyprus pounds (some 24 to 26 million US dollars) to 20 (40 million US dollars).

    "This is the first serious Greek investment in Cyprus," Costopoulos said.

    He added the bank could seek a listing on the Cyprus Stock Exchange, but pointed out that the bank should be in Cyprus for a year and show some results before it attracted investors.

    Alpha, which officially began operations in Cyprus last month, took over the island's Lombard NatWest Bank, by buying a 75 per cent stake in the Bank held by the National Westminster Group.

    Director of the Board Michalis Colocassides told the conference Lombard's top management, its structure and staff would remain unchanged.

    CNA MCH/GP/1998

    [02] Cyprus - Turkish air violations

    Nicosia, Oct 21 (CNA) -- Tuesday's violations of Cyprus' sovereign air space prove once more that Turkey is adopting a provocative attitude, Government Spokesman Christos Stylianides said here today.

    "We have already made representations on the matter," he added after a meeting of the National Council, the top advisory body to the President on the handling of the Cyprus question.

    The Turkish provocations coincided with the first day of the annual military manoeuvres the National Guard, the Republic's armed forces, conduct on a yearly basis, often in conjunction with the Greek armed forces.

    "The army exercises, code-named "Nikiforos '98", are continuing as planned," Stylianides said.

    He also pointed out that "the Turkish violations of Cyprus' air space prove once more Turkish provocations."

    According to Athens News Agency reports a Turkish fighter was following a Greek C130, travelling from Athens to Paphos, in the same air corridor for a few moments during the latter's journey, at a short distance close to Cyprus' shores.

    Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37 per cent of its territory.

    CNA RG/MM/GP/1998
    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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