Cyprus Business Now

The Bank of Cyprus was named Bank of the Year in Cyprus for 2022 by the international magazine ‘The Banker’.

According to an announcement from the Bank of Cyprus, Panicos Nicolaou, the bank’s CEO, pointed out that digitisation is an important trend for the organisation, which the bank has integrated into its business strategy.

The increased use of digital channels and services has enabled the bank to improve efficiency and upgrade the quality of its customer service.

“With the restructuring completed, sustainable profitability is an important factor in our future plans,” Nicolaou said.

Joy Macknight, the editor of the magazine, congratulated the Bank of Cyprus on winning the award, noting that in addition to recording strong fundamentals, the bank strengthened its digital economy platform Jinius and expanded its ESG initiatives, which played a significant role in winning the award for 2022.

The Nicosia Chamber of Commerce and Industry (Evel) this week released a statement welcoming the start of the construction works of the new archaeological museum in Nicosia, following the signing of the relevant agreement by the responsible bodies.

An announcement by the chamber stated that the project, with a total cost of €144 million, “will become a reference point not only for Nicosia and Cyprus, but also for all of Europe”.

“In addition to its enormous cultural value and its unique architecture, it will also contribute significantly to the local economy, creating new jobs,” the chamber added.

Expressing its satisfaction with the developments, the chamber said that it hopes for its timely completion, within the timetables that have been set, in order to avoid any further delay in Nicosia’s development trajectory.

“This important project, along with other projects that have already been implemented or are currently underway, will contribute to improving the image of the capital, highlighting it as a modern, sustainable and friendly city for its citizens and visitors,” the chamber explained.

The statement concluded by saying that the Nicosia Chamber of Commerce and Industry, along with the Nicosia regional tourism board (Etap), will continue their efforts to promote Nicosia and establish it as a quality tourist destination.

The Cyprus Stock Exchange (CSE) ended Friday, December 16 with profits.

The general Cyprus Stock Market Index was at 88.23 points at 13:36 during the day, reflecting a rise of 0.36 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 53.17 points, representing an increase of 0.38 per cent.

The total value of transactions came up to €29,913.

In terms of the sub-indexes, the main and alternative indexes rose by 0.39 per cent and 0.02 per cent respectively.

The investment firm fell by 0.39 per cent, while the hotel index remained unchanged from the previous day.

The biggest investment interest was attracted by the Bank of Cyprus (+1.18 per cent), KEO PLC (-0.68 per cent), Hellenic Bank (+0.36 per cent), the Cyprus Cement Company (no change), and Demetra Holdings (-0.84 per cent).