The Bank of Cyprus announced on Monday the launch of a €30 million share buyback programme, a move previously signalled last week during the release of its preliminary 2024 financial results.

In a statement, the Bank of Cyprus Holdings Public Limited Company confirmed that the programme follows its February 18, 2025, announcement regarding a proposed cash dividend and intention to initiate a share buyback scheme for the financial year ending December 31, 2024.

The initiative will see the repurchase of ordinary shares by the company, with the total amount reaching up to €30 million.

The purpose of the buyback is to reduce the company’s share capital. According to the bank’s statement, shares acquired under the programme will be cancelled.

Hellenic Bank reaffirmed its commitment to Cyprus’ hospitality industry with its participation at the 46th Cyprus Hotel Summit and Horeca Expo in Limassol, where sector challenges and opportunities were brought to the forefront.

The conference, organised by the Cyprus Hotel Association (Pasyxe), focused on innovation and growth, sending a strong message of optimism, resilience, and adaptation to modern demands.

In a statement released on Monday, Hellenic Bank stressed that, as a key supporter of the event, it acknowledges the vital role of the hospitality industry in Cyprus’ economy.

Phivos Stasopoulos, General Manager of Wholesale Banking at Hellenic Bank, stressed that “strategic collaboration between banks and hoteliers is crucial for the development and resilience of the sector”.

Natural gas production from Block 6 of Cyprus’ Exclusive Economic Zone (EEZ) could commence within 2 to 2.5 years, according to Constantinos Hadjistassou, Professor at the School of Sciences and Engineering, Department of Engineering at the University of Nicosia.

Speaking to the Cyprus News Agency (CNA), Hadjistassou also highlighted the multiple benefits this development will bring to the Republic of Cyprus.

He described the agreement concerning Block 6 as the most significant of the two agreements signed in Cairo.

Additionally, he noted that Block 6 contains three gas fields—“Cronos”, “Zeus”, and “Calypso”—with a total estimated capacity of 6.5 trillion cubic feet (tcf).

He added that development is likely to begin with “Cronos”, although other discoveries appear to have greater potential.

However, he pointed out that further appraisal drilling is needed to confirm the exact picture.

Cyprus’ non-performing exposures (NPEs) increased by approximately €16 million in October 2024, reaching €1.61 billion, according to a report released by the Central Bank of Cyprus (CBC).

This CBC reported that this figure represents 6.6 per cent of total loans, up from 6.5 per cent in September.

The coverage ratio for NPEs, which reflects total accumulated provisions against outstanding non-performing loans, rose to 56.1 per cent (€993 million) from 55.7 per cent (€978 million) a month earlier.

Of the total provisions, €905 million are allocated specifically to NPEs.

According to CBC data, loans in arrears for over 90 days stood at €1.27 billion in October, accounting for 5.2 per cent of total loans.

A total of 571 counterfeit euro banknotes were withdrawn from circulation in Cyprus in 2024, marking an 11 per cent decrease compared to the previous year, according to the Central Bank of Cyprus (CBC).

Despite the low numbers, the CBC has urged the public to remain vigilant and carefully inspect banknotes during cash transactions.

The €50 note was the most commonly counterfeited denomination, accounting for 36.8 per cent of all fake banknotes detected.

The Sklavenitis Group aims to secure second place in the Cypriot market, while upgrading and expanding storage and production facilities in Greece in 2025, according to reports that emerged on Monday.

The same reports suggested that the management of Greece’s leading retailer is also evaluating expansion into other markets, including the Balkans and Central Europe.

However, sources close to the company told Greek outlet Oikonomikos Tachydromos (OT) “that there is no concrete plan for such a move at this stage”.

Regarding Cyprus, the investment plan for renovating the nine Papantoniou stores acquired last November is already underway.

The objective is to integrate them into the ‘Sklavenitis system’ across the network, with work expected to be completed by autumn or, at the latest, by the end of 2025.

The Egkomi hypermarket, fully renovated, is set to reopen under the ‘Sklavenitis’ name in early March.

Financial technology firm Capital.com on Monday announced the launch of a new paid internship programme for university students in Cyprus.

The first group will include 30 students from the Cyprus University of Technology (Tepak), with plans to extend the initiative to other universities across the island.

The company stated that the programme aims to provide students with practical experience in financial technology while helping to develop local talent.

Interns will work within the company’s Operations and Back-Office teams, gaining insight into areas such as data management, risk, customer support, systems, and technology.

Secretary general of the International Chamber of Shipping Thomas Kazakos on Monday met with Cyprus News Agency (CNA) director Dinos Finicarides, as well as the new director general of the Cyprus Shipping Chamber (CSC) Alexandros Iosifidis.

The meeting was held at the CNA offices in Nicosia and involved a discussion on issues related to the maritime sector and the continuation of cooperation between the news agency and the CSC.

Kazakos said the meeting was part of a series of regular contacts initiated over the past month “with selected partners,” emphasising that the CSC has been working with the CNA for more than 30 years.

He added that they briefed Finicarides on current issues affecting Cypriot shipping and the industry more broadly.

The Cyprus Stock Exchange (CSE) ended Monday, February 24, with gains.

The general Cyprus Stock Market Index stood at 229.08 points at 13:16, reflecting a rise of 0.1 per cent.

The FTSE / CySE 20 Index was at 138.92 points, representing an increase of 0.11 per cent.

The total value of transactions came up to €276,856, until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes rose by 0.07 per cent and 0.1 per cent respectively, while the investment firm index fell by 0.62 per cent. The hotel index remained unchanged.

The biggest investment interest was attracted by Demetra Holdings (-0.63 per cent), the Bank of Cyprus (+0.74 per cent), Hellenic Bank (no change), Woolworth Cyprus Properties (-1.71 per cent), and Vassiliko Cement Works Public Company (-0.53 per cent).