Cyprus Business Now

Hellenic Bank on Wednesday released a statement underlining that it is spearheading the green transition with innovative, specialised products, something which was further stressed during a recent energy conference.

The 11th Energy Symposium, under the theme of “Cyprus: A Time for Energy Initiatives,” took place with the support of Hellenic Bank. The forum saw a number of discussions unfold on this issue, while presentations revolved around building a sustainable energy model with an emphasis on the necessary transition and investments in alternative energy sources.

“Hellenic Bank’s commitment to sustainable development is seen in its leadership in transitioning to a green economy through the adoption of sustainable operational practices, financing green businesses, and participation in green initiatives,” the bank said.

Specifically, the bank has established specific criteria for assessing social and environmental risks in the approval process for new financing while establishing a dedicated team for sustainability and ESG (Environmental, Social, Governance) matters. By offering quality products and comprehensive services, the bank encourages customers to enhance their environmental performance through sustainable measures.

Phivos Stasopoulos, Chief Banking Officer of Hellenic Bank, during the symposium, stated that Hellenic Bank aims to lead a rapid transition to the Green Economy, one of the five key pillars of the National Recovery and Resilience Plan.

“Hellenic Bank has been significantly investing in the energy sector for many years, providing tangible support to businesses operating in this field, particularly in the Renewable Energy sector, through Industry Experts with specialised knowledge and experience in the field,” Stasopoulos said.

Examples of such products include “Green Home” and “Green Car,” where customers can enjoy more favourable loan terms if they opt for eco-friendly options.

“Supporting development through financing is the main role of banking institutions, but it is not the only one,” Stasopoulos added.

“Promoting sustainable development is a responsibility shared by all of us,” he concluded.

The number of building permits issued in the Paphos district saw a notable decrease of 14 per cent in 2022, dropping from 1,198 permits in 2021 to 1,036, according to George Mais, the president of the Paphos Chamber of Commerce and Industry (Evep).

Speaking to the Cyprus News Agency (CNA), Mais pointed out that property sales in Paphos reached a five-year high in 2022.

Nationally, he said, there were 20,799 property sales totalling €4.18 billion, with 13,409 sales documents deposited, marking a 13 per cent and 34 per cent increase, respectively, compared to 2021.

In the Paphos district, he noted that 2,876 sales documents were deposited in contrast to 1,818 in 2021, indicating a 58 per cent increase.

In addition, he explained that the months of October and November stood out as the most active periods, in terms of property market transactions.

Mais also highlighted that during this period, the sectors of retail, industry, and agriculture exhibited satisfactory performance.

Finally, he emphasised that various infrastructure and development projects, many of which were proposed or supported by the Paphos Chamber of Commerce and Industry, contributed to the overall growth and development of the city and the district.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 1 with profits.

The general Cyprus Stock Market Index was at 126.68 points at 13:04 during the day, reflecting an increase of 0.21 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 76.77 points, representing a rise of 0.21 per cent.

The total value of transactions came up to €483,655.

In terms of the sub-indexes, the main index rose by 0.23 per cent while the investment firm, alternative, and hotel indexes remained stable from the previous day.

The biggest investment interest was attracted by the Bank of Cyprus (+0.34 per cent), Hellenic Bank (+0.46 per cent), Demetra (no change), and Petrolina Holdings (no change).