The independent expert commissioned to evaluate Eurobank’s public offer for the remaining shares of Hellenic Bank has deemed the proposed exchange of €4.843 per share as fair and reasonable.

This assessment, based on the independent valuation report, concludes that “the proposed consideration to be paid by the offeror to the shareholders of the company in connection with the public offer is fair and reasonable from a financial perspective,” subject to the assumptions, reservations, and limitations detailed in the Independent Valuation Report.

“Taking into account these conclusions, the board agrees with and adopts the independent expert’s opinion that the proposed consideration ‘is fair and reasonable from a financial point of view’,” said Hellenic Bank’s board of directors.

The Bank of Cyprus on Thursday announced its final financial results for 2024, confirming profits of €508 million, as previously indicated in its preliminary results.

In its announcement, the bank underlined its strong capital position and its ability to generate returns for shareholders.

According to the final results, net interest income for the year ending December 31, 2024, stood at €822 million, marking a 4 per cent annual increase.

The Common Equity Tier 1 (CET1) capital ratio and the Total Capital Adequacy Ratio, calculated for supervisory purposes, were reported at 19.2 per cent and 24.0 per cent, respectively.

What is more, the bank reported a CET1 capital generation of 400 basis points over the year.

Deputy Tourism Minister Kostas Koumis used his participation in a professional symposium to highlight Larnaca’s appeal as a tourist destination.

The minister outlined Larnaca’s recent progress in terms growing its tourism sector, while the city’s bid to be selected as the European Capital of Culture 2030 was also discussed.

The event, focused on tourism management and prospects in Larnaca, was organised by the Larnaca-Famagusta District Committee of the Cyprus Centre for Studies, and the Larnaca regional tourism board (Etap).

In his address, Koumis underlined the importance of destination management planning and outlined the key factors that attract visitors to Larnaca.

He highlighted the district’s comparative advantages, including its strategic location, rich history and culture, and extensive coastline.

The Eurobank Group on Thursday released a statement reaffirming its “commitment to further expansion and its continued confidence in the Cypriot economy”.

It should be noted that the group’s management is currently in Cyprus for a board of directors meeting.

In this context, the management of Hellenic Bank, a member of the Eurobank Group, hosted a dinner with a number of prominent guests on Wednesday evening.

These included president Nikos Christodoulides, finance minister Makis Keravnos, and deputy minister to the president Irene Piki.

During the event, Christodoulides addressed the members of the Eurobank board, saying that “their presence reflects the strong footprint of the bank in the country, while also serving as evidence of Cyprus’ role as a dynamic and reliable financial and business hub in the region”.

The proposed offer of €1.55 per share from Logicom to the shareholders of Demetra Holdings is neither fair nor reasonable, according to the report of an independent expert.

As a result, Demetra’s board of directors expressed its agreement and has subsequently adopted this opinion.

According to reports that emerged on Thursday, the board took into account several factors when considering the offer.

These include the content of the public offer document, the interests of the company’s shareholders, its overall interests, the objectives and intentions of Logicom, the financial data of Demetra, the potential impact of the offer on employees, and the independent expert’s report.

Major banks in Cyprus and Greece significantly expanded their bond portfolios over the past year, increasing their holdings in both domestic and European bond markets.

This move was driven by expectations of an impending reduction in interest rates and various unpredictable economic factors.

Although the pace of expansion is expected to slow, the trend is set to continue in the current year.

The increase in exposure to bonds during 2024 was evident across all major banks.

Sales of oil products at service stations in Cyprus saw a 2.5 per cent increase in February, reaching 57,326 tonnes, compared to 55,909 tonnes in February 2024, according to a report from the statistical service.

In terms of product categories, significant increases were recorded in kerosene (55.5 per cent), agricultural diesel (32.9 per cent), heating oil (31.8 per cent), and light fuel oil (23.5 per cent).

However, decreases were observed in unleaded petrol (-2.9 per cent), diesel oil (-4.8 per cent), and lubricating oils (-1.0 per cent).

The Cyprus Research and Innovation Foundation (RIF) hosted its Cyprus Research Awards 2024 this week in a ceremony honouring the nation’s distinguished scientists.

The event took place on Wednesday afternoon in the presence of president Nikos Christodoulides.

In his address, president Christodoulides highlighted the crucial role that research and innovation play in the country’s sustainable development.

Christodoulides congratulated the Research and Innovation Foundation (RIF), The Employers and Industrialists Federation (Oev), as well as the Deputy Ministry of Research, Innovation and Digital Policy for organising the ceremony.

“Such initiatives honour and support the development of Cyprus’ research, innovation, and entrepreneurship ecosystem,” the president said.

Applications open for students seeking state grants for their university studies on April 2, it was reported on Thursday.

The ministry of finance’s grants and allowances service has announced that applications for the 2024/2025 academic year will be accepted only online for the first time.

The application portal opens on April 2, allowing eligible families to submit requests for financial assistance. The deadline is June 1, and authorities stress that late applications will not be accepted.