Cyprus Business Now: weekly wrap-up

Here’s a summary of the top business news stories from the week starting April 3 in Cyprus:

Eurobank Cyprus was awarded the “Best Private Banking Boutique in Cyprus” award by the Global Private Banking Awards 2023.

Wargaming Group announced that the sale of a 13.4% holding in Hellenic Bank to Eurobank for a consideration of €70 million, has been completed. Wargaming remains Hellenic Bank’s fourth-largest shareholder, retaining a 6.8% stake in the lender.

Cyprus could benefit from soaring copper prices as demand for electric vehicles and renewable energy systems is increasing.

Kean Soft Drinks, a local soft drink manufacturer, will be sold after 74 years of operation due to financial difficulties.

Proposed legislation in Cyprus aims to relax tax exemptions for returning expats to increase tax revenue.

Cyprus properties worth over €1.5 billion have been put on the market, including land, commercial, and residential properties.

Cypriot KV Fund I has invested €200,000 in an augmented reality startup, Threedium, as part of its venture capital investment strategy.

An ECB executive expressed satisfaction at Cyprus’ economic progress and praised the government for its efforts in implementing reforms.

The Bank of Cyprus released its Pillar 3 disclosures, revealing its capital adequacy, risk management, and other key financial data.

Cyprus generated a surplus of €300 million in 2022, boosted by higher tax revenues.

UK investors are leading the charge in offers for Cyprus’ ESG bond.

Hellenic Bank was named the best bank in Cyprus by International Banker magazine.

Activity in the Cyprus construction sector declined in March as costs continue to rise.

A report has suggested that Cyprus’ entrepreneurial education and culture need further development to drive innovation and growth.

The Bank of Cyprus was named the best private bank in Cyprus for the seventh time at the Global Private Banking Awards 2023.