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banking sustainability

Eurobank’s Acquisition of Hellenic Bank Shares

Eurobank S.A. acquired a 55.3% majority stake in Hellenic Bank, showing consolidation in Europe’s banking sector and reflecting confidence in the Cypriot economy. Concurrently, Keve transformed its Nicosia headquarters into a green building, emphasizing sustainability and setting the standard for environmental responsibility in Cyprus.

banking financial

Eurobank’s Enhanced Role in Hellenic Bank

Eurobank has acquired a majority stake in Hellenic Bank, making a significant move in the Cypriot banking sector with a €275.7 million investment. This strategic purchase of 55.3% stake demonstrates Eurobank’s commitment to the growth potential of Hellenic Bank and its longterm investment in Cyprus’s financial landscape.

banking interest rates

Navigating Economic Growth: The Role of Bank Lending Practices

The impact of bank lending practices on economic growth is profound, with adjustments in interest rates directly influencing borrowing affordability, business sentiment, and development. Despite the recent rate cut by the European Central Bank, local banks’ reluctance to lend to businesses, preference for depositing funds with the ECB, and lack of competition among banks pose challenges to economic dynamism and growth in Cyprus.

gaming banking

Cyprus Business Now

Juicy Button Games in Cyprus recently secured a $3 million seed funding round led by The Games Fund, enabling them to develop a new mobilefirst 4x strategy game at their Limassol headquarters. This investment milestone highlights the studio’s emergence in the gaming industry, with seasoned cofounders paving the way for success in the bustling coastal city.

banking deposits

Cyprus Banking Trends: Deposits Rise While Loans Decline

In Cyprus, deposits in banks are on the rise, increasing by €209.1 million in April to reach a total of €52.5 billion, while loans have seen a decline of €278.6 million in the same month, totaling €24.9 billion. This trend indicates a growing savings trend and cautious borrowing behavior in the Cypriot economy, reflecting the current financial landscape in the country.

business banking

Cyprus Business Now

The Cyprus Stock Exchange experienced slight losses in recent trading, with fluctuations across different sectors. While the general stock market index decreased, alternative and investment firm indexes saw gains. Investor interest remains high in companies like Petrolina Holdings and Demetra Holdings, showcasing the dynamic nature of stock market investments amidst market volatility.

legal arbitration

International Arbitral Tribunal Dismisses Massive Claim Against Cypriot Banks

The International Arbitral Tribunal recently dismissed a hefty 600 million dollar claim against Cypriot banks, Laiki Bank and Bank of Cyprus, ending a period of financial uncertainty stemming from allegations of misconduct during the 20122013 financial crisis in Cyprus. This decision marks a critical juncture for both the banks and their clients, bringing a sense of closure to a tumultuous chapter in the country’s financial history.

banking digital solutions

Streamlining Dividends: Bank of Cyprus Embraces Digital Solutions

The Bank of Cyprus has embraced digital solutions by enabling electronic dividend payments for shareholders, reducing administrative overhead and aligning with the banking sector’s digitization. Shareholders can now manage payments through the 1bank platform or opt for direct deposit into accounts, marking a leap into the digital age for the financial institution.

tourism banking

Cyprus Business Now

Cyprus witnessed a 15% surge in tourism revenue in February 2024 compared to the previous year, totaling €65.1 million and marking a robust 7.9% yearonyear growth in the industry. The Bank of Cyprus introduced electronic dividend distributions to enhance shareholder interactions, while Freedom Holding Corp.’s CEO discussed the company’s strategic operations, highlighting its role as a significant employer in Cyprus.

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