Launch of Commercial Bank Cyprus in August
30/7/2001 9:15
The Commercial Bank of Greece AE announced the commencement of operations of its new subsidiary in Cyprus as of 1 August 2001, by the name Commercial Bank of Greece (Cyprus) Ltd. The new subsidiary will take over the operations of the existing network of the holding company in Cyprus and in the new company Cypriot businessmen will participate as follows: Glory Worldwide Holdings Ltd. 9.99%, Efthyvoulos Paraskevaides 9.99% and D. Ioannou 5%. The Commercial Bank will retain 75.02% of the share capital.
The Commercial Bank, under its new structure, aims to gain 4%-5% of the Cyprus market and to expand its network within the next five years to 40-45 branches throughout Cyprus. Chairman of the Board of the new subsidiary is Mr. G. Mihelis, Vice Chairman and General Manager of the Commercial Bank.
The Commercial Bank, under its new structure, aims to gain 4%-5% of the Cyprus market and to expand its network within the next five years to 40-45 branches throughout Cyprus. Chairman of the Board of the new subsidiary is Mr. G. Mihelis, Vice Chairman and General Manager of the Commercial Bank.
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