In the past year, Cyprus has achieved several significant milestones in its business sector. The Bank of Cyprus was honored as the “Bank of the Year” by The Banker, while Keve elected Stavros Stavrou as its new president. Cyprus was also re-elected to the International Maritime Organisation (IMO) Council, and the Cyprus Stock Exchange reported a profit increase, indicating a resilient market.
What recent achievements have marked Cyprus’s business sector in the past year?
The Cyprus business sector has seen remarkable achievements, including:
- Bank of Cyprus honored as “Bank of the Year” by The Banker for 2023.
- New leadership elected at Keve with Stavros Stavrou as president.
- Cyprus re-elected to the International Maritime Organisation (IMO) Council.
- Cyprus Stock Exchange reported a profit increase, indicating a resilient market.
Bank of Cyprus Honored as “Bank of the Year”
The prestigious global financial publication, The Banker, has awarded the Bank of Cyprus with the “Bank of the Year” accolade for 2023. This significant achievement comes after a period of strategic transformations within the bank, leading to a stronger, well-diversified financial institution.
The recognition covers the timeline from June 2022 to June 2023 and highlights the bank’s success in completing a ten-year recovery plan. With a focus on digital innovation, the bank has broadened its digital services to better serve its customers, while also providing value to its shareholders.
The Bank of Cyprus’s journey has been remarkable, receiving the European Central Bank’s green light to recommence dividend distributions from its 2022 profits. Furthermore, the introduction of “Quickhub,” an advanced digital branch, exemplifies the bank’s commitment to digital inclusivity for its clientele.
Keve Elects New Leadership
The Cyprus Chamber of Commerce and Industry (Keve) recently held its 96th Annual General Assembly, a noteworthy event culminating in the election of a new president for the board of directors. Stavros Stavrou, with a diverse background in shipping, startups, and the energy sector, was elected to the role.
Stavrou is no stranger to the business community, having amassed years of experience abroad before immersing himself in the local business landscape. His prior roles include board president of the Larnaca Chamber of Commerce and member of Keve’s Executive Committee.
The board’s composition, reflective of the island’s regional representation, includes 105 electors from five districts. The new Board of Directors boasts 30 members, with positions spanning vice presidents for commerce, industry, services, tourism, and economics.
Cyprus Asserts Its Maritime Authority
Cyprus’s maritime sector celebrated a symbolic victory with the country’s re-election to the International Maritime Organisation (IMO) Council. As a member since 1987, Cyprus’s continued position on the council underscores its international reputation as a premier maritime center.
The Cyprus Shipping Chamber (CSC) expressed its enthusiasm for the re-election, which affirms the country’s influential role in the development of global maritime policies. As a council member, Cyprus actively participates in addressing maritime challenges, contributing to a unified approach to international shipping regulations and advocating for the nation’s maritime interests on a global platform.
Cypriot Markets Show Resilience
The Cyprus Stock Exchange (CSE) reported a slight uptick in profits, signaling a robust market despite global economic fluctuations. During trading hours, the general market index and sub-indexes reflected modest gains, with the FTSE/CySE 20 Index noting an incremental rise.
Investor interest remained high, particularly in the financial sector, as companies like the Bank of Cyprus and Hellenic Bank saw positive movements in their share prices. The day’s trading volume reached over €267,520, showcasing an active engagement from the investor community.
As the financial landscape continues to evolve, the Cypriot market demonstrates its resilience and capacity for growth amidst a dynamic economic environment.
FAQ
1. What recent achievements have marked Cyprus’s business sector in the past year?
The Cyprus business sector has seen remarkable achievements, including:
– Bank of Cyprus honored as “Bank of the Year” by The Banker for 2023.
– New leadership elected at Keve with Stavros Stavrou as president.
– Cyprus re-elected to the International Maritime Organisation (IMO) Council.
– Cyprus Stock Exchange reported a profit increase, indicating a resilient market.
2. How did the Bank of Cyprus achieve the “Bank of the Year” accolade?
The Bank of Cyprus received the “Bank of the Year” accolade from The Banker for 2023 due to its strategic transformations and strong performance. The bank completed a ten-year recovery plan, focused on digital innovation, and broadened its digital services to better serve customers. It also obtained approval from the European Central Bank to recommence dividend distributions from its 2022 profits.
3. Who is the new president of Keve?
Stavros Stavrou is the newly elected president of the Cyprus Chamber of Commerce and Industry (Keve). He has a diverse background in shipping, startups, and the energy sector, and brings years of experience in the business community.
4. What does Cyprus’s re-election to the IMO Council mean for its maritime sector?
Cyprus’s re-election to the International Maritime Organisation (IMO) Council reaffirms its position as a premier maritime center. As a council member, Cyprus actively participates in shaping global maritime policies and advocating for its maritime interests. This re-election highlights Cyprus’s influential role in the development of international shipping regulations.
