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Cyprus News Agency: News in English, 13-06-13
CONTENTS
[01] Bank of Cyprus to establish an investment company
[02] Building permits down by 30% in first quarter of 2013
[01] Bank of Cyprus to establish an investment company
The Bank of Cyprus (BOC) seeks to establish the Bank of Cyprus Holdings,
an investment company which will take over the non-banking activities
of the Bank, in an effort to restructure its balance sheet and support
its capital adequacy.
According to senior sources from the new Administration, the Bank will
proceed with the creation of a Real Estate Fund, which will undertake
the management of around 250 properties of the Group in Greece.
The target of the new administration is not to reduce the Book value
and to function rationally in order to get back in the society as soon
as possible, having, simultaneously, as a priority the stabilization of
the Bank after the decisions of the Eurogroup for a bail in.
[02] Building permits down by 30% in first quarter of 2013
Building permits were down by 30% at the first quarter of 2013 compared
to the same period of 2012, Cyprus Statistical Service data published
on Wednesday show.
The number of building permits authorized by the municipal authorities
and the district administration offices in March 2013 stood at 428.
The total value of these permits reached €82.4 million and a total
area of 87.3 thousand square metres. These building permits provide for
the construction of 303 dwellings.
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