Cyprus’ competition watchdog has ruled that competition in the country’s banking market remains healthy, approving Eurobank’s acquisition of a 26.1 per cent stake in Hellenic Bank.

With the transaction, Eurobank now controls 55.9 per cent of Hellenic Bank shares.

The Commission for the Protection of Competition’s (CPC) decision, which was made public in the Official Gazette of the Republic, was approved by a narrow 3-2 vote.

The CPC’s approval followed an extensive market review, aimed at evaluating whether the merger would reduce competition in the Cypriot banking sector.

Fitch Ratings on Monday upgraded the Shareholder Support Rating (SSR) of Hellenic Bank Public Company Limited (Hellenic Bank) to “bb” from “bb-“.

According to the agency, this follows the recent upgrade of Eurobank S.A.’s Long-Term Issuer Default Rating (IDR) to “BB+” from “BB”.

Eurobank, which holds a 55.9 per cent stake in Hellenic Bank, is seen as the most likely source of support for the Cypriot bank.

The agency clarified that Hellenic Bank’s long-term IDR remains at “BBB-“, driven by its Viability Rating of “bbb-“, with other ratings unaffected by this upgrade.

Foreign investors in Cyprus are increasingly shifting their focus from luxury properties to more affordable housing, driven by a desire for residency permits rather than citizenship.

This shift, according to a report utilising 2023 data from real estate firm Danos, marks a significant change in the market dynamics.

The company noted that the Cypriot real estate market has undergone a noticeable transformation, with investors now seeking properties that offer residency permits instead of citizenship.

This represents a clear departure from the previous demand for luxury residences under the now-terminated ‘golden passport’ programme.

Business accelerator Kinisis Ventures on Monday announced the launch of Kinisis Venture Fund II (KVF II), a new investment fund under the KV Kinisis Ventures Fund in Cyprus.

According to an official announcement, the new fund seeks to build on the success of its first fund and recent US partnerships.

In addition, the move seeks to capitalise on promising developments in the Cypriot startup ecosystem.

“When we launched KVF I, the first CySEC-registered VC fund focusing on Cypriot startups, our expectation was that more institutional and private investors would begin adding capital to the ecosystem,” said Andreas Panayi, Partner at Kinisis Ventures.

Following the recent announcement of a €30 million investment in premium AA games by Mad Crusader, a Cyprus-based IP incubator, the Cyprus Mail sat down with founder and CEO Yarr Rash to explore the company’s vision.

As a leading innovator in the gaming world, Rash shed light on how Mad Crusader’s unique approach to IP development and cross-media franchise creation sets them apart.

Based in Cyprus, Mad Crusader leverages the island’s growing reputation as a regional hub for video game development, blending passion, creativity, and structured mentorship to cultivate the next generation of entertainment IP creators.

50 women entrepreneurs recently celebrated the launch of the Academy for Women Entrepreneurs (AWE) 2024, marking the second year of the programme’s implementation in Cyprus.

The event, which took place on Friday, September 13, was attended by various alumni from last year’s programme, as well as local stakeholders.

The AWE Academy, implemented in Cyprus by CyprusInno, powered by the SocialTech Lab, and supported this year by the US Embassy in Nicosia and Chevron, provides 50 women entrepreneurs with the opportunity to start or expand their businesses.

US tax authorities are in Cyprus this week to provide training on financial investigations and forensic accounting, Ambassador Julie Fisher said on Monday.

“Together, we’re strengthening efforts to combat money laundering and related financial crimes,” she said in a post on X.

The US Treasury Department’s Internal Revenue Services Criminal Investigation (IRS-CI) experts will meet counterparts from the finance and justice ministries and the police.

“The visit will serve as an opportunity to discuss emerging money laundering tactics and other financial crimes affecting both countries, and law enforcement techniques to tackle them,” the US department said.

This is part of ongoing efforts to strengthen collaboration, training and sharing of information with international partners in the fight against illicit financial activity.

The Cyprus Stock Exchange (CSE) ended Monday, September 16 with losses.

The general Cyprus Stock Market Index was at 182.81 points at 13:10 during the day, reflecting a decrease of 0.70 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 112.39 points, representing a drop of 0.48 per cent.

The total value of transactions came up to €140,420, until the aforementioned time during trading.

In terms of the sub-indexes, the main, investment firm and hotel indexes fell by 1.08 per cent, 1.84 per cent and 0.13 per cent respectively. The alternative index rose by 0.69.

The biggest investment interest was attracted by the Bank of Cyprus with €143,683 (an increase of 0.21 per cent), Cyprus Cement Company with €5,250 (a decrease of 1.32 per cent), Demetra Investments with €1,828 (a decrease of 1.88 per cent), Minerva with €1,536 (a sharp decline of 7.89 per cent), and KEO with €816 (an increase of 5.61 per cent).