Bank of Cyprus

The Greek stock market closed Wednesday’s (31/7) session on a positive note, with the banking sector giving its back, stopping a six-day downward trend that had cost it -5.26%.

The first investments by the Cyprus Equity Fund, set up by the Cypriot government in cooperation with the European Investment Fund (a subsidiary of the European Investment Bank) and with a total budget of 37.5 million euros, are expected to begin this fall, so as to cover the financial gap in the fields of entrepreneurship and innovation.

Construction group Avax is expected to secure multiple benefits from the liquidity of 300 million euros through the issuance of a loan with a duration of seven years. The loan will be concluded between Avax Concessions and Piraeus Bank, Alpha Bank, National Bank, Bank of Cyprus and Attica Bank.

Two major shareholders of Bank of Cyprus, AB CarVal Investors and Caius Capital, who together hold 15% of the bank's shares, are looking to sell their stakes.

Standard & Poor's has upgraded Bank of Cyprus' long-term issuer rating to BB+, just one notch below investment grade status, and assigned a positive outlook.

Cypriot banks are urging a combination of government and regulatory policies to achieve a healthy, effective and optimal green transition.

Banks stress their key role in this transition, emphasizing that while they should make significant financial contributions, the government must also align its policies with the banks to facilitate the green transition.

Career banker Christodoulos Patsalides was appointed governor of the Central Bank of Cyprus on Monday for a five-year term, the island's presidency said.

Patsalides, who will represent Cyprus on the rate-setting Governing Council of the ECB, takes up his duties on April 11, replacing Constantinos Herodotou.

Bank of Cyprus, the island's largest lender, announced net profits of 487 million euros for the full year 2023.

This brings them closer to pre-financial crisis levels, driven by the high interest rates environment.

In a significant financial turnaround, Bank of Cyprus reported a notable profit of 349 million euros for the nine months ending September 30, 2023, marking a substantial improvement from the €19 million loss in the same period last year.

In a potentially precedent-setting decision in Cyprus, the Limassol District Court has upheld its initial ruling in favor of a Russian depositor at now-defunct Laiki Bank, potentially exposing the state to financial implications of up to 2-3 billion euros. The court's decision, which awarded €780,000 in compensation to the depositor, could have far-reaching consequences for Cyprus.