“2024 was a landmark year for Hellenic Bank in terms of financial performance and ownership structure,” said chief executive officer Michalis Louis.
“The bank achieved strong financial performance in 2024 with a net profit of €383 million, up 10 per cent year-on-year, adjusted for discontinued operations, and a return on tangible equity of 23,” he added.
Hellenic Bank, now a member of the Eurobank Group, is set to merge with Eurobank Cyprus, a move that will create one of the largest financial institutions in Cyprus.
“The Eurobank Group currently owns 93.5 per cent of the bank’s share capital and is expected to increase its ownership to 100 per cent, following a mandatory tender offer and a squeeze out process during the first half of 2025,” Louis stated.
“Then, and subject to regulatory approvals we, will proceed with the merger of Hellenic Bank with Eurobank Cyprus creating one of the largest financial institutions in Cyprus,” he added.
The number of unemployed people stood at 23,603, with an unemployment rate of 4.6 per cent of the workforce (men 4.3 per cent, women 4.9 per cent), compared to 27,627 people (5.4 per cent) in the same period of 2023.
According to the Labour Force Survey results for Q4 2024, the labour force totalled 513,935 people, or 65.1 per cent of the population (men 70.8 per cent, women 59.8 per cent).
This represents an increase from the 506,954 people (64.8 per cent) recorded during the same period in 2023.
The Stek president on Thursday explained that “while the sector has demonstrated resilience, ongoing challenges must be addressed to ensure long-term stability”.
These, he said, include a reliance on a handful of markets, the threat of short-term rentals, seasonal imbalance, and inadequate infrastructure.
Vavlitis stressed that tourism continues to be a vital pillar of the economy. Visitor numbers surpassed four million in 2024, generating an estimated €3.2 billion, contributing around 13 per cent to Cyprus’ GDP.
“The current year is expected to follow a similar trajectory, but ongoing geopolitical instability and economic challenges in key markets, such as Germany and France, could impact arrivals,” he said.
However, he said that despite strong performance, the “tourism industry faces deep-rooted structural issues that require urgent attention”.
According to the RIF, this jump showcases Cyprus’ rising prominence in this space, especially among countries with populations under 2 million, where it now ranks fourth globally.
RIF also noted that Cyprus is sixth globally in terms of startup exits under $1 billion and ninth in investor density per capita.
The startup sector in Cyprus has expanded fivefold since 2020, reflecting rapid growth.
Notably, it is the only country of its size with four cities recognised in the global startup rankings.
In the sectors of fintech and gaming, Cyprus ranks 39th and 25th globally, respectively.
The campaign, which ran from April until the end of October 2024, has been deemed as “a major success”, reaching over 4.5 million unique users and marking a significant first in coordinated marketing efforts for the district.
Organised by Pasyxe and Etap, the campaign was a collaborative venture involving key local institutions such as the Deputy Ministry of Tourism, Hermes Airports, and the municipalities of Ayia Napa and Paralimni-Deryneia, along with the engagement of local hoteliers.
With an investment of €150,000, the campaign deployed 45 unique creative assets, including videos and banners in English, German, and French.
The payments were made under agreements between Hellenic Bank Public Company Ltd and the firms Logicom Solutions Limited, NewCytech Business Solutions Ltd, and NewCytech Distribution Ltd.
All three companies are wholly owned subsidiaries of Logicom Services Ltd.
Notably, Logicom indirectly holds over 5 per cent of Hellenic Bank’s issued share capital.
The agreements in question were established as part of the bank’s routine operations and covered consulting services, support services, and other IT-related services.
The guide incorporates the latest findings from CySEC’s assessment of the effectiveness and efficiency of sanctions screening systems used by regulated entities.
The thematic inspections, conducted between April and November 2024, covered all categories of regulated entities, including Cyprus Investment Firms, Administrative Service Providers (ASPs), Funds and Fund Managers, and Crypto Asset Service Providers (CASPs).
The purpose of publishing the guidelines, the commission explained, is to share the outcomes and feedback from these thematic inspections, clarify CySEC’s expectations regarding screening practices, and provide guidance on best practices for testing, tuning, and optimising screening systems to ensure compliance.
The project is located within the Ayia Napa municipality, approximately 900 metres west Nissi Beach and 3.58 kilometres east of the protected Natura 2000 site, the Special Protection Area (SPA) known as ‘Cape Greco’.
According the submitted documents, the development will consist of a basement, ground floor, mezzanine, and four floors on a total plot area of 6,715 square metres, incorporating both the existing hotel facilities and the planned expansions.
The project will include a 270-square-metre basement, a 225-square-metre ground floor with an uncovered veranda of 135 square metres, and an 85-square-metre mezzanine.
The project is the Great Sea Interconnector (GSI) cable which will link transmission networks of Europe to Cyprus in a project costing 1.9 billion euros ($2.12 billion), and later stretch to Israel.
Speaking at the Investopia conference in Abu Dhabi, Papanastasiou told Reuters that the Abu Dhabi National Oil Company (Adnoc) has expressed interest in Cyprus’s Exclusive Economic Zone (EEZ) and is seeking assets that are “ready to go”.
Papanastasiou said that the possibility of entering a new licensing round with Adnoc for exploration purposes was not ruled out.
Adnoc previously expressed interest in Cyprus’s emerging natural gas sector, the minister confirmed to Reuters in November.
The Cyprus Stock Exchange (CSE) ended Thursday, February 27, with losses.
The general Cyprus Stock Market Index stood at 227.05 points at 12:55, reflecting a drop of 0.46 per cent.
The FTSE / CySE 20 Index was at 137.82 points, representing a decrease of 0.41 per cent.
The total value of transactions came up to €132,502, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative, and investment firm indexes fell by 0.58 per cent, 0.12 per cent and 1.54 per cent respectively. The hotel index remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (-0.37 per cent), Hellenic Bank (-0.21 per cent), Demetra (-1.56 per cent), Logicom (no change), and LCP Holdings (+4.91 per cent).
Click here to change your cookie preferences