The Bank of Cyprus this week presented its revamped branch network model, inaugurating its newly renovated branch on Archbishop Makarios III Avenue in Nicosia.

Retail Banking Director Theodosis Theodosiou explained that in-store banking used to be a “relatively simple business activity”, where customers conducted basic transactions and “developed long-term relationships of cooperation and trust with their bank”.

However, he noted that this is no longer the case, with the banking sector currently undergoing a period of radical transformation, influenced by technological advancements, regulatory changes, and shifting consumer behaviours.

“In this context, Bank of Cyprus plays a leading role in digitisation and technological upgrades, not only for itself but also for the Cypriot economy and business sector, as reflected in its strategic direction in recent years,” Theodosiou said.

“The development of technology and digital solutions offers unprecedented opportunities for modernising banking operations,” he added.

Eurobank has announced that the India-Greece-Cyprus (IGC) Business & Investment Council was officially launched on Thursday at the Taj Mahal Palace in Mumbai.

The announcement mentioned that this marks “a significant milestone in strengthening the economic ties between the three nations”.

It added that this “landmark initiative” follows the signing of a Memorandum of Understanding (MoU) between Eurobank S.A. and the Indian Chamber of Commerce (ICC) in September 2024.

The event was attended by representatives of the ambassadors of Greece and Cyprus in India, as well as various business leaders, including Abhyuday Jindal, President, ICC & Managing Director, Jindal Stainless Ltd. and Eurobank S.A. CEO Fokion Karavias.

The announcement stated that the newly launched IGC Business & Investment Council “aims to accelerate trade, investment, and strategic cooperation across diverse sectors”.

These sectors include infrastructure, shipping, technology, financial services, and SMEs.

Cyprus’ Deputy Minister of Innovation, Nicodemos Damianou, and UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar Sultan Al Olama, have signed a Memorandum of Understanding on artificial intelligence cooperation.

The signing took place at the World Governments Summit in Dubai on February 12-13, highlighting the commitment of both nations to advancing AI collaboration.

According to the announcement, the MoU, signed against the backdrop of a summit that draws global technology leaders, “aims to strengthen bilateral ties by fostering innovation and addressing socio-economic challenges jointly”.

Furthermore, it facilitates the exchange of best practices and the acceleration of AI technology integration in both public and private sectors, “aiming to enhance the AI ecosystems within each country”.

The Bank of Cyprus on Thursday announced that it has obtained ISO 37301 certification.

In a statement, the bank said that it “has achieved yet another success, having earned the ISO 37301 certification, an international standard for compliance management systems”.

“This makes the Bank of Cyprus the first organisation in Cyprus and in the Southeastern Europe region as a whole, to achieve this certification – held only by a small number of European banks,” it added.

Hellenic Bank has officially announced the complete exit of Demetra Holdings Plc from its shareholder structure, following the completion of the agreement for the sale of its 21.33 per cent stake.

“Further to the announcement by Hellenic Bank Public Company Limited dated February 11, 2025, and the disclosure received by the bank on the same date, it is announced that the sale of Demetra Holdings Plc’s 21.33 per cent stake, amounting to a total of 88,064,705 shares, has been completed,” the announcement stated.

“As a result,” the statement continued, “Demetra Holdings Plc’s participation in the Bank’s share capital has decreased from 21.33 per cent to 0 per cent.”

Cyprus experienced growth across a number of key economic sectors, according to the state statistical service.

In its latest report, which analysed monthly economic developments from January to December 2024, the service provided a comprehensive overview of the most recent economic trends in Cyprus.

The report included a comparison of data from the past four years, incorporating figures available up until February 11, 2025.

The total supply and use in Cyprus for 2021 balanced at €77.76 billion at purchaser prices, according to the statistical service.

The report, which covers the country’s supply, use, and input-output tables for the year, includes figures for both current and previous-year prices, with data from 2020 revised accordingly.

Business services accounted for 47.1 per cent of the total supply, followed by manufacturing products at 24.8 per cent and distribution and transport services at 10.3 per cent.

Other services represented 9.2 per cent of total supply, construction work 7.0 per cent, and agricultural, forestry, and fishing products 1.6 per cent.

The Cyprus Statistical Service (Cystat) has launched a new online tool aimed at modernising public sector operations as part of its digital transformation efforts.

The platform allows companies registered in the Republic of Cyprus to obtain certification of their primary economic activity efficiently.

The certification process follows the European Union’s Statistical Classification of Economic Activities (NACE Rev. 2), ensuring standardised coding of business operations.

According to the statistical service, “the tool significantly reduces processing times and optimises resource allocation, enhancing both quality and efficiency in public service delivery”.

Hong Kong investor Balram Chanrai is steadily increasing his ownership of Agros Development Company ‘Proodos’ Public Ltd, which owns the Rodon hotel in Agros.

Based on the announcements on the Cyprus Stock Exchange (CSE), since the beginning of 2025 up to February 12, he has made approximately 20 share purchases, now holding 35.96 per cent of the company’s total share capital.

Back in December 30, 2024, Chanrai’s stake stood at just 2.84 per cent of the issued shares.

Cyprus-based NXY Payments, an EU-authorised payment platform bridging together traditional finance and the crypto economy, has successfully closed a $3 million investment round led by Flashpoint VC with participation from prominent angel investors.

According to the announcement, this funding “will accelerate INXY’s mission to simplify and secure crypto payments for businesses worldwide”.

Alexey Sidorov, Associate Partner at Flashpoint VC, said that the firm is “thrilled to lead INXY’s investment round and support their mission to bridge traditional finance with the crypto economy”.

“The crypto market is booming, with stablecoins surpassing $6 trillion in annual transactions and INXY is well-positioned to capitalise on this growth,” he added.

“I’m particularly glad to support a Cyprus-based company, reflecting Flashpoint’s commitment to backing globally oriented entrepreneurs from Europe and Israel,” Sidorov concluded.

The Cyprus Stock Exchange (CSE) ended Thursday, February 13, with losses.

The general Cyprus Stock Market Index stood at 223.98 points at 12:57, reflecting a drop of 0.22 per cent.

The FTSE / CySE 20 Index was at 135.89 points, representing a decrease of 0.37 per cent.

The total value of transactions came up to €525,852, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and hotel indexes fell by 0.19 per cent, 0.23 per cent, and 0.21 per cent respectively. The investment firm index rose by 0.31 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (-2.62 per cent), the Bank of Cyprus (-0.79 per cent), Demetra Holdings (+0.31 per cent), Hellenic Bank (no change), and Atlantic Insurance (+0.8 per cent).