Piraeus Bank bid

PIRAEUS Bank is bidding for the remaining shares in Cyprus’s Euroinvestment and Finance, the Greek bank said, as required by law after recently raising its stake.

Piraeus Bank said in a stock exchange filing yesterday it would offer 25 cents for each share in Euroinvestment, which closed at 28 cents in Cyprus on Thursday.

Piraeus Bank has already increased its stake in the Cypriot company to 81.8 per cent from around a third.

In that deal announced earlier this week, Piraeus Bank acquired 9.95 million ordinary shares at 25 cents each, or about £2.5 million.

Euroinvestment offers a range of banking services and focuses on investor finance.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.