Triple Five Mulls Investment in Cyprus Banking, Energy

Triple Five Group, a finance and development company, is considering investing in Cyprus, said Nader Ghermezian, chairman of the Canadian firm.

The group, which owns Peoples Trust, a Vancouver-based Bank, may invest an unspecified amount in energy, tourism, banking and government bonds, Ghermezian told reporters in Nicosia today. Cyprus was shut out of capital markets in May.

With respect to banking, there “are three options for us,” which include opening a branch of its bank on the east Mediterranean island, opening a new bank or “to make an arrangement with a local bank so that we can bring more investment” to Cyprus, Ghermezian said.

The chairman of Triple Five said that the group is already in talks with the Central Bank of Cyprus, which is in charge of issuing banking licenses. His group may contribute to the development of the energy industry of Cyprus, which announced in December its first natural gas discovery.

-- Editors: Digby Lidstone, Andrea Snyder.

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