Cyprus Business Now

Hellenic Bank on Thursday announced that it has entered into exclusive negotiations and a put option with CNP Assurances for the acquisition of its subsidiary CNP Cyprus Insurance Holdings Limited, which operates in Cyprus and Greece.

CNP Cyprus Insurance Holdings Limited consists of CNP Cyprialife Ltd, CNP Asfalistiki Ltd, CNP Zois SA and CNP Cyprus Properties Ltd, among others.

“Under the put option, CNP Assurances has the option to sell and Hellenic Bank is irrevocably committed to acquire CNP Cyprus Insurance Holdings if such option is exercised,” the bank said in a statement.

Moreover, the announcement explained that in accordance with French law, the next step will be the information and consultation of CNP Assurances’ European Works Council.

The transaction would then be subject to regulatory approvals (including by the Commission for the Protection of Competition) and it is expected to be completed by the first quarter of 2025.

The Bank of Cyprus on Thursday announced the successful launch and pricing of €300 million in green senior preferred notes under its EMTN Programme.

According to an official announcement by the bank, the notes were priced at par with a fixed coupon of 5 per cent per annum, payable annually until the Optional Redemption Date of May 2, 2028.

The maturity date of the notes is May 2, 2029, with the bank having the option to redeem them on the optional redemption date, subject to certain conditions outlined in the terms and conditions.

External reasons, combined with Cyprus’ economic conditions, are affecting both local and international demand in the local property sector, according to Michalis Tsangarides, director of Delfi Partners, who noted that foreign investors continue to sustain the market domestically.

In a recent analysis piece, Tsangarides noted that during the first quarter of 2024, the market showed varied trends with Nicosia on an upward trajectory, Larnaca stagnating in terms of investment activity, and other regions facing declines.

“The fluctuations observed during the first quarter of 2024 with Nicosia remaining on an upward trend, Larnaca holding back investment activity and the rest of the free Cyprus district recording losses, if anything, set the tone for a year of increased challenges,” he said.

The Paphos Regional Board of Tourism (Etap) is participating in the SMARTIES for SMEs project under the COSME programme, which is aimed at enhancing competitiveness in the tourism sector by building skills.

This initiative provides a unique opportunity for small and medium-sized enterprises (SMEs) to undergo both green and digital transitions, thereby fostering innovation, resilience, and sustainability while improving service quality.

The project, which includes eight European partners from Italy, Portugal, Hungary, Slovenia, Greece, and Cyprus, is fully funded by the European Union.

Cypriot beverage company Keo this week released its financial results for the fiscal year 2023, showcasing substantial growth in both turnover and profits compared to the previous year.

According to the company’s latest financial statements, profits surged to €10.7 million in 2023, up from €6.9 million in 2022, marking a robust increase.

Moreover, despite facing intense competition in its operating segments, the Keo group managed to grow its overall turnover by 12.8 per cent in 2023, when compared to 2022, resulting in operational profits reaching €8.6 million, up from €5.8 million in the previous year.

The Cyprus Stock Exchange (CSE) this week announced its acceptance of the introduction of government bonds to the market, in accordance with Article 58(1) of the Cyprus Securities and Stock Exchange Law.

According to the announcement, these bonds, totalling €25 million, have emerged from an auction held on April 22, 2024.

The Bank of Cyprus on Thursday announced new stock acquisitions, having obtained a number of ordinary shares worth €0.10 each from its appointed trader, the Cyprus Investment and Securities Corporation (CISCO), earlier this week.

Specifically, 26,132 shares were acquired on the London Stock Exchange (LSE) at an average purchase price of £3.27 and 10,800 shares on the Cyprus Stock Exchange (CSE) at an average purchase price of €3.74. The acquired shares will be cancelled.

The stock purchases resulted in a reduction of the bank’s share capital.

The Cyprus Stock Exchange (CSE) ended Thursday, April 25 with losses.

The general Cyprus Stock Market Index was at 143.71 points at 13:55 during the day, reflecting a decrease of 1.14 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.20 points, representing a drop of 1.13 per cent.

The total value of transactions came up to €478,195, until the aforementioned time during trading.

In terms of the sub-indexes, the main index fell by 1.37 per cent while the alternative index fell by 0.21 per cent. The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-4.76 per cent), Logicom (no change), Petrolina (no change), K+G Complex (+0.88 per cent), and Hellenic Bank (no change).