Grant Thornton Cyprus, one of the leading tax and specialist advisory services firms on the island, on Monday announced that it has struck a deal that will result in increased investment in the consulting services sector in Cyprus, with a special event set to take place to mark this collaboration becoming official.
“Grant Thornton Cyprus is moving ahead with yet another great achievement which strengthens its commitment to providing consulting services with an emphasis on quality and excellence, but also on the best opportunities for its people,” the company said in a statement.
“The company has entered into a strategic partnership with two of the largest member organisations in its network, Grant Thornton UK and Grant Thornton Ireland,” it added.
The company explained that this provides for a significant investment in Cyprus, something which it expects to reshape the provision of advisory services in Cyprus, as well as help to establish the country as a regional business and services hub.
To celebrate this partnership, Grant Thornton Cyprus will hold a cocktail event on Tuesday 21 February 2023 at the Hilton Nicosia Hotel.
The company noted that attending this event will be businesspeople, and decision-makers such as board members, managing directors, managers and other senior executives of major companies in Cyprus.
As part of the event, the CEO of Grant Thornton Cyprus, Stavros Ioannou, will address a greeting.
Afterwards, Ioannou will participate in a Fireside Chat with the CEO of Grant Thornton UK, Dave Dunckley and the Partner, Financial Services Advisory of Grant Thornton Ireland, Nicholas O’Dwyer.
More details about the event can be found here.
Despite the slight increase in the number of investment firms in Cyprus, their total assets decreased by 5.7 per cent during the fourth quarter of 2022, according to a report by the Central Bank of Cyprus (CBC).
The number of investment funds increased from 284 in September 2022 to 286 in December 2022, while their total assets decreased by 5.7 per cent to €7.8 billion in December 2022, compared to €8.2 billion in September 2022.
Compared to December 2021, the total assets of investment firms experienced a decrease of 11.2 per cent.
Moreover, according to the report, deposits and loans of investment firms dropped to €794.3 million in the fourth quarter of 2022, from €856.5 million in the previous quarter, while securities fell to €505.3 million, down from €799.4 million in the third quarter.
In addition, total shares and related securities belonging to investment firms fell to €5.97 billion in the fourth quarter of 2022, from €6.06 billion in the third quarter, while non-financials, including fixed assets, decreased to €305 million, from €316 million in the previous quarter.
Other assets also decreased, falling to €177 million at the end of December, down from €190 million at the end of June 2022.
In terms of liabilities, loans fell to €143 million in the fourth quarter of 2022, down from €536 million during the previous quarter, while stocks and shares fell to €7.35 billion, down from €7.48 billion during the third quarter.
Finally, other liabilities experienced an increase, rising to €262 million at the end of December 2022, up from €208 million in the previous quarter.
The Cyprus Stock Exchange (CSE) ended Monday, February 20 with profits.
The general Cyprus Stock Market Index was at 106.57 points at 13:19 during the day, reflecting an increase of 2.47 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 64.41 points, representing a rise of 2.51 per cent.
The total value of transactions came up to €393,067.
In terms of the sub-indexes, the main and investment firm indexes rose by 3.38 per cent respectively.
The alternative index fell by 0.01 per cent while the hotel index remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (+3.42 per cent), Hellenic Bank (+3.86 per cent), Demetra Holdings (+5.83 per cent), Logicom (+0.99 per cent), and Vassiliko Cement Works Public Company (-3.6 per cent).
