The Cypriot banking sector has undergone an impressive transformation since the 2013 financial crisis and has emerged stronger, more resilient, and better aligned with international standards, according to Wim Mijs, Director General of the European Banking Federation (EBF).

Speaking to the in an exclusive interview with the Cyprus News Agency (CNA), Mijs highlighted the substantial reduction of non-performing loans, the modernisation of Cyprus’ anti-money laundering framework, and the sector’s pivot toward digital transformation as key markers of progress.

At the same time, he cautioned that Cyprus, like the rest of Europe, must remain vigilant against growing cyber threats, ongoing geopolitical instability, and the competitive pressure from large technology firms.

Discussing the broader European context, he stressed the need for a shift in regulatory thinking to allow banks to support growth and investment more effectively.

Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., on Wednesday announced the completion of the squeeze-out procedure for the acquisition of the remaining shares of Hellenic Bank Public Company Limited.

This development follows the approval granted by the Cyprus Securities and Exchange Commission (CySEC) on May 8, 2025, permitting the exercise of the squeeze-out right, thereby allowing Eurobank to acquire one hundred per cent of Hellenic Bank’s shares.

The consideration offered during the squeeze-out procedure matched the amount provided during the earlier takeover bid, specifically €4.843 per Hellenic Bank share, paid in cash.

According to the announcement, the total consideration was disbursed to the eligible shareholders of Hellenic Bank on June 10, 2025. Letters containing detailed information about the squeeze-out were also sent to these shareholders.

Visitor numbers at restaurants, bars and coffeeshops across Cyprus ranged from 80 per cent to 90 per cent during the Kataklysmos long weekend, according to Neophytos Thrasivoulou, president of the hospitality owners association (Osika).

“This year’s Kataklysmos weekend was one of the best in recent years in terms of footfall at leisure centres,” Thrasivoulou said in comments to the Cyprus News Agency (CNA) on Wednesday.

“There were high occupancy levels,” he added, expressing hope that “this level of attendance would continue in the coming period”.

“This year’s tourist season is similar to last year’s and is expected to remain at satisfactory levels,” Thrasivoulou he continued.

“Only in this way will it be possible for businesses in the catering industry to survive,” he added.

Tourism officials from Cyprus, Greece and Lebanon gathered in Limassol this week to discuss the future of the sector amid geopolitical uncertainty, climate risks and the growing influence of artificial intelligence.

Cyprus Deputy Minister of Tourism Kostas Koumis, Greece’s Minister Tourism Olga Kefalogianni, and Lebanon’s Minister of Tourism Laura Kazin Lahoud delved into these issues during a panel discussion at the Investopia Global Mediterranean Forum.

They were joined by president of the Cyprus Hoteliers Association (Pasyxe) Thanos Michaelides and Shaikha Al Nowais, the first woman set to take over as Secretary-General of the World Tourism Organisation (WHO) from 2026.

Connectivity, seasonality and workforce shortages were among the key concerns raised. Speakers also pointed to growing demand for authentic experiences, sustainable destinations and personalised travel offerings shaped by digital tools.

Koumis said that, following the pandemic and the loss of the Russian market, “our top priority, in March 2023, was to restore the sector to pre-pandemic levels.”

Cyprus faces annual losses of €8 million and more than 16 jobs due to illicit trade in food and beverages, part of a wider threat affecting the entire European Union.

The European Union Intellectual Property Office (EUIPO) on Wednesday warned that counterfeit wines and spirits alone are responsible for €2.29 billion in sales losses and the destruction of nearly 5,700 jobs across the EU each year.

The data, released as part of EUIPO’s World Anti-Counterfeiting Day (WAD) campaign, with the title ‘What’s on your table?’, emphasises the growing threat from fake food and drink products, not only to the economy, but also to public health.

In an official announcement, the agency underlined that counterfeit products, particularly alcoholic drinks, frequently contain hazardous substances including methanol, mercury and banned pesticides, putting consumers at significant risk.

Larnaca continues to strengthen its position in the real estate market, registering the highest increases in property values during the first quarter of 2025, according to the latest RICS Cyprus Property Price Index with KPMG in Cyprus.

Christophoros Anayiotos, managing director and head of real estate and land development at KPMG Cyprus, said that Larnaca stood out once again, with the largest increase recorded in offices, followed by residential properties such as apartments and houses.

He added that “the first quarter of 2025 shows an overall increase in property values in Larnaca, while other districts record moderate increases.”

At the same time, warehouses recorded only small gains, while commercial properties, particularly shops, posted a decline, “continuing the trend of previous quarters,” he said.

Cyprus-based Aloha Browser has unveiled new global research that reveals a widespread struggle with digital overload and its adverse effects on focus, productivity and mental wellbeing.

According to the study, 71 per cent of respondents admitted they often begin an online task but soon become distracted by tabs, notifications or links, eventually losing sight of their original goal.

The research, titled Digital Information Consumption and conducted in the second quarter of 2025, surveyed 1,000 participants globally.

It found that 65 per cent of people feel overwhelmed by the vast amount of information online.

Nearly half of the participants reported feeling stressed when they miss out on something important.

The Cyprus Chamber of Commerce and Industry (Keve) released a statement on Wednesday summarising its participation in the Investopia Global Mediterranean Forum, which took place in Limassol this week.

“The chamber took part in the Investopia Global Mediterranean Forum with substantial and multifaceted participation,” the announced said.

“This was the first time the international business forum took place in Cyprus,” it added.

“In the margins of the Forum, the chamber organised an official networking event on Monday, June 9, attended by UAE Minister of Economy Abdulla bin Touq Al Marri and Cyprus Minister of Energy, Commerce and Industry George Papanastasiou,” the chamber explained.

The Finance Ministry on Wednesday announced the upcoming delisting of a government security issued earlier this year by the Republic of Cyprus.

The 13-week treasury bills, identified under the code TB13C25, will mature on June 20, 2025.

The final day of trading for this government bond on the regulated market will be June 16, 2025.

The security, officially titled “Treasury Bills of the Republic of Cyprus, Third Issue 2025,” was active from March 21, 2025, and is set to conclude its cycle on the specified maturity date.

The ministry issued the notice on June 10, 2025, at 15:01, under the reference code ANE_7002, classifying the announcement under the delisting of securities.