Hellenic Bank on Thursday reported a profit of €45 million for the first quarter of 2025, with the bank saying that this underscores the strength of its business model.

Moreover, the bank stated that the latest results reflect its solid capital position. It reported a pro forma Common Equity Tier 1 (CET1) ratio of 32.38 per cent and a pro forma Total Capital Adequacy Ratio of 36.28 per cent, both significantly exceeding regulatory requirements.

“Hellenic Bank has reported satisfactory financial results for the first quarter of 2025, demonstrating the resilience of our business model and the successful execution of our strategic priorities,” said chief executive officer Michalis Louis.

“In the first quarter of 2025, the Bank reported a profit of €45 million after the one-off cost related to the voluntary exit scheme,” he added.

“As a result of the profitability,” Louis continued, “combined with the effective management of the risk weighted assets base of the bank, the pro forma Total Capital Adequacy Ratio increased further by 408 basis points and amounted to 36.28 per cent.”

What is more, liquidity remains strong, with a Liquidity Coverage Ratio (LCR) of 493 per cent and €5 billion placed at the European Central Bank.

The Cyprus Securities and Exchange Commission (CySEC) on Thursday approved Eurobank’s request to exercise the squeeze-out right to acquire 100 per cent of Hellenic Bank’s shares.

The offer price for the remaining shares has been set at €4.843 per share, payable in cash.

The approval was officially granted on May 5, 2025, according to a press release by Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A.

The acquisition is being carried out under Article 36(5) of the Public Takeover Bids Law of 2007 to 2022.

Eurobank currently holds 404,525,263 shares in Hellenic Bank, which represents 97.99 per cent of its total issued share capital.

The squeeze-out applies to the remaining 8,279,967 shares, which account for just over 2 per cent of the bank’s issued share capital.

Inflation in Cyprus rose by just 0.2 per cent in April, according to the latest data from the Cyprus Statistical Service (CyStat), mainly due to falling prices in petroleum products and electricity.

The Consumer Price Index (CPI) increased marginally to 117.31 points from 117.25 in March, marking a monthly rise of 0.06 points.

The most notable changes in economic categories on an annual basis were seen in agricultural products, which surged by 9.3 per cent, and services, which climbed by 3.7 per cent.

Meanwhile, petroleum products dropped by 9.4 per cent, and electricity declined by 8.8 per cent.

Compared to the previous month, the sharpest decline was recorded in electricity, which fell by 8.5 per cent.

Fintech app Plum, which also has offices in Cyprus, has reported a noticeable shift in the investment behaviour of its Greek users in 2025.

According the company, this is the result of the local population responding to falling deposit rates and ongoing geopolitical instability.

Historically known for a strong saving culture and a preference for cash, Greeks are now turning to investments, reflecting a broader embrace of technology-driven financial tools.

Platforms like Plum have played a key role in this transformation by simplifying the process of saving and making investing more accessible to users previously daunted by the complexities of the market.

“Digital tools have lowered the barrier to entry for investing,” said Marily Mitropoulou, Country Marketing Manager for Greece at Plum.

“We’re seeing a new wave of investors, especially Millennials, who are taking small but consistent steps toward long-term wealth building.”

The Cyprus Chamber of Commerce and Industry (Keve) has issued an open invitation to all stakeholders to participate in an online focus group discussion centred on the green and sustainable transition of businesses.

This initiative is part of the European strategy for green development and aims to enhance local sustainability.

The focus group will be held online on May 9, 2025, from 11:00 to 12:30, as part of the European Erasmus+ project SUSTAINET.

The SUSTAINET project aims to strengthen local authorities and small and medium-sized enterprises (SMEs) by establishing a network of Green Business Innovation Centres (GBICs).

These centres are intended to promote sustainable economic development and support the transition to green practices.

The project’s core goals include the development of a GBIC methodology tailored to local conditions, the creation of a self-assessment tool for municipalities, and the provision of guidance and resources for SMEs.

Proodos Public Ltd, owner of the Rodon Hotel in Agros, has announced three board appointments and three resignations this week.

The company confirmed the appointment of main shareholder and investor Balram Chainrai as a non-executive director.

Based in Hong Kong, Chainrai has longstanding business activity in the region, with a focus on electronics, household appliances, toys and trade finance.

His company, which also handles computer distribution and related accessories, reports an annual turnover of over 200 million US dollars across Asia, the Middle East and Europe.

He has also served as vice president of the Indian chamber of commerce in Hong Kong and maintains an active philanthropic presence.

Chainrai recently completed a public offer, securing 87.82 per cent participation in the Rodon Hotel.

Cyprus will inaugurate its new business service centre on May 26, a day after the launch of the Brain Gain campaign in London, aimed to attract talented Cypriots back to the island, president Nikos Christodoulides announced.

Speaking at the general assembly of the Employers and Industrialists Federation (Oev), the president said he was pleased that more than 550 Cypriots working in London have already registered to attend the Brain Gain event, showing an active interest in exploring opportunities to return to Cyprus.

He described the business service centre as an important step towards a less bureaucratic Cyprus with improved services, focused on the needs of businesses and investors.

President Christodoulides emphasised that a resilient economy cannot exist without strong businesses, and sustainable development is impossible in any country without robust private initiative.

The Cyprus Consumers Association has issued a warning about fraudulent investment schemes that promise very high profits in an extremely short period, including claims of significant earnings within a single day.

In its announcement, the association explained that these fraudulent programmes typically require individuals to deposit a minimum amount of around €250.

Citizens are then presented with an indicative table showing the expected profits from their “investment.”

The announcement also pointed out that scammers use fake news and doctored photographs of well-known political and public figures who appear to endorse or encourage participation in these fraudulent investment programmes.

According to the Cyprus Consumers Association, “there is evidence and video footage where the names of the president Nikos Christodoulides, former Disy president Averof Neophytou, former Finance Minister Finance Harris Georgiades, journalist Katerina Agapitou, and Cypriot entrepreneur Sir Stelios Haji-Ioannou were illegally used”.

Two-thirds of new hires lack the necessary experience for their roles, according to Deloitte’s 2025 Global Human Capital Trends report.

The global survey, shared by Deloitte Cyprus on Thursday, found that 66 per cent of managers and executives say most recent hires are not fully prepared, with a lack of experience cited as the most common shortcoming.

This insight is part of a broader set of findings from nearly 10,000 business and human resources leaders across 93 countries.

The report, titled Turning tensions into triumphs: Helping leaders transform uncertainty into opportunity, explores how businesses are grappling with critical workplace challenges and how they can turn these tensions into long-term value.