Cyprus Business Now

The Bank of Cyprus has clinched the coveted title of “Bank of the Year” in Cyprus for 2023, bestowed by The Banker, a prominent global publication specialising in the banking and financial sector.

According to a statement released this week by the Bank of Cyprus, this recognition, encompassing the assessment period from June 2022 to June 2023, holds immense significance.

It celebrates the significant milestones achieved by the Bank in completing a decade-long recovery, expanding its digital offerings to customers, and delivering value to shareholders.

Joy Macknight, a writer for The Banker, while declaring the Bank of Cyprus as the “Bank of the Year” in Cyprus, highlighted the Bank’s transformation into a well-capitalised, diversified, and sustainably profitable banking group.

This transformation was marked by the European Central Bank’s approval to restart dividend payments from its 2022 profits.

Additionally, within its ambitious digital transformation plan, the Bank of Cyprus unveiled its innovative digital branch, “Quickhub,” facilitating the digital inclusion of new clients.

Expressing delight at the award, Panicos Nicolaou, CEO of the Bank of Cyprus, conveyed his pleasure at being named the “Bank of the Year” in Cyprus by The Banker.

“This award represents international recognition of the significant efforts and commitment of our staff to enhance the services and products offered to our customers while supporting the local economy and creating value for our shareholders,” Nicolaou said.

The 96th Annual General Assembly of the Cyprus Chamber of Commerce and Industry (Keve) took place on Monday, December 4, culminating in the election of a new president of the board of directors.

Stavros Stavrou emerged as the new president of Keve following the elections held at the conclusion of the assembly.

According to an announcement by the chamber, his business ventures span the sectors of shipping, startups, and energy.

After years of entrepreneurial activity abroad, Stavrou actively engaged in business affairs upon his return to Cyprus.

He initially served as a member of the Larnaca Chamber of Commerce and subsequently as the president of the chamber’s Board of Directors from 2017 to 2023.

At the same time, Stavrou served as a member of Keve’s Executive Committee and Board of Directors for six consecutive years.

The election of the new president and the five vice presidents was carried out by the Electoral Body comprising 105 electors from the 5 districts (24 from Nicosia, 21 from Limassol, and 20 each from the districts of Famagusta, Larnaca, and Paphos).

Subsequently, the new Board of Directors of Keve, comprising 30 members, was formed as follows:

• President – Stavros Stavrou
• Vice President for Commerce – Zenonas Apostolou
• Vice President for Industry – Kostas Zorpas
• Vice President for Services – Avgustinos Papathomas
• Vice President for Tourism – Kostas Galatariotis
• Vice President for Economics – Andreas Dimitriadis

Cyprus, a longstanding member of the International Maritime Organisation (IMO) since 1978, secured its re-election to the IMO Council during the organisation’s General Assembly last Friday, a feat applauded this week by the Cyprus Shipping Chamber (CSC).

The CSC expressed its delight, affirming that Cyprus has been a Council member since 1987.

The re-election stands as a testament to international trust and recognition of Cyprus as a leading international maritime centre within the global maritime community.

Emphasising the significance of Cyprus’s re-election to the IMO Council, the CSC highlighted its critical role in setting global maritime policies and regulations.

This reaffirms Cyprus’ active contribution to shaping international shipping policies, tackling common challenges, and ensuring a cohesive approach to maritime regulations while advocating for Cypriot maritime interests on the international stage.

The Cyprus Stock Exchange (CSE) ended Tuesday, December 5 with minor profits.

The general Cyprus Stock Market Index was at 134.16 points at 12:35 during the day, reflecting an increase of 0.13 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 81.42 points, representing a rise of 0.12 per cent.

The total value of transactions came up to €267,520 until the aforementioned time during trading.

In terms of the sub-indexes, the main index rose by 0.12 per cent, the hotel index remained unchanged, while the investment firm and alternative indexes fell by 1.4 per cent and 0.25 per cent respectively.

The biggest investment interest was attracted by the Cyprus Cement Company (no change), the Bank of Cyprus (+0.61 per cent), Hellenic Bank (+1.33 per cent), Demetra (-1.45 per cent), and Petrolina (+0.93 per cent).