Eurobank Limited, the new entity formed through the merger of Eurobank Cyprus and Hellenic Bank, is redefining Cyprus’ financial landscape while strengthening the island’s role as a key regional hub for banking and investment.

The newly merged bank has now become the largest financial institution in Cyprus, boasting assets exceeding €28 billion.

Its creation marks a historic milestone for the Cypriot banking sector and signals the start of what the bank’s leadership describes as a new era of stability, growth and international expansion.

Chief Executive Officer Michalis Louis described the merger as a landmark development that underscores Eurobank’s long-term commitment to Cyprus.

“The creation of Eurobank Ltd represents a historic milestone for the Cypriot banking sector and marks the beginning of a new era for the Eurobank Group in the country,” he said.

Cyprus has so far received €568 million from the European Union’s Recovery and Resilience Facility (RRF), with the next disbursement expected soon, according to Finance Minister Makis Keravnos.

Speaking during the inauguration of new student residences in Nicosia, a project completed with EU financing under the Recovery and Resilience Plan (RRP), Keravnos said the plan will bring around €1.2 billion to Cyprus by 2026.

It is being implemented through 135 measures, reforms and investments, divided into five policy axes, and involves more than 70 public and broader public sector bodies, aiming to meet 271 milestones and objectives.

According to the minister, Cyprus has already received €568m for the first five grant tranches and pre-financing, corresponding to 53 per cent of the total €1bn in grants available to the island.

The Cyprus Investment Funds Association (CIFA) on Tuesday released a statement recapping the 11th Cyprus International Funds Summit & Expo, including the robust discussions that took place, as well as the key figures who took part in the event.

The summit, co-organised by CIFA and Invest Cyprus, brought together a global audience of fund managers, institutional investors, policymakers, and service providers to examine the future of the alternative investment landscape.

According to the association, the event, which was held on Monday, provided a strategic platform for dialogue on growth of drivers, regulatory trends, innovation, and cross-border cooperation.

A significant number of delegates from various countries joined the event, reaffirming Cyprus’ growing stature as an international hub for fund structuring, administration, and capital flows.

Maria Panayiotou, president of CIFA in her opening speech, noted the sector’s rapid development.

“Cyprus has evolved into one of Europe’s fastest-growing fund jurisdictions, with over 330 registered investment funds and sub-funds and Assets Under Management exceeding €10.7 billion,” she said.

Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Tuesday warned that the Eurozone economy remains weak and risks falling behind its global competitors unless it moves decisively towards deeper economic integration and enhanced competitiveness.

Speaking at the 21st Annual Economist Conference, Patsalides acknowledged that the Cypriot economy remains remarkably resilient.

However, he underlined that the Eurozone as a whole is growing at a rate of around one per cent, which he described as “low”.

“It is obvious that the Eurozone and the European Union in general must redefine themselves and become more competitive,” Patsalides said.

He added that numerous studies, including the Draghi report and others, have put forward proposals on how to achieve this.

The Central Bank of Cyprus (CBC) has announced that the reference interest rate used to define the criminal offence of usury has been set at 11.84 per cent.

The determination of the reference interest rate is made in accordance with article 314A of the Cyprus Criminal Code, Cap.154.

Euro area annual inflation is expected to have reached 2.1 per cent in October 2025, a slight decrease from the 2.2 per cent recorded in September, according to a flash estimate from Eurostat.

Based on the Harmonised Index of Consumer Prices (HICP) data for October 2025, the annual inflation rate for Cyprus was significantly lower than the euro area average, standing at 0.3 per cent.

This figure for Cyprus marks an increase from the 0.0 per cent annual inflation recorded in both August and September 2025.

The monthly rate of inflation for Cyprus in October 2025 was 0.2 per cent.

When examining the main components of euro area inflation, services is expected to have the highest annual rate in October.

The services annual rate is projected at 3.4 per cent, up from 3.2 per cent in September.

New loan volumes recorded a sharp increase in September 2025, according to statistics on interest rates applied by monetary financial institutions (MFIs) in Cyprus released by the Central Bank of Cyprus (CBC).

The statistics cover the average interest rates applied by MFIs on deposits and loans of euro area residents in euro, as well as data regarding volumes (amounts) of new euro denominated loans for the reference month of September 2025.

These figures are included in the October 2025 edition of Monetary and Financial Statistics, with comparative data for the eurozone available in the European Central Bank’s data portal.

The interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 1.10 per cent, compared with 1.08 per cent in the previous month.

The tax-to-GDP ratio in Cyprus saw a slight increase in 2024, rising to 37.6 per cent from 37.5 per cent in 2023, according to data on taxation published by Eurostat.

The overall tax-to-GDP ratio, which is the sum of taxes and net social contributions as a percentage of gross domestic product (GDP), stood at 40.4 per cent in the EU in 2024, representing an increase from 39.9 per cent in 2023.

In the euro area, the tax-to-GDP ratio also increased from 40.5 per cent in 2023 to 40.9 per cent in 2024.

In absolute terms, revenue from taxes and social contributions increased by €387 billion in the EU compared with 2023, to stand at €7.28 trillion in 2024.

Eurobank on Tuesday announced its active participation in Radiomarathon 2025 this October, reaffirming its commitment to supporting children with special needs and promoting inclusion across Cyprus.

“With steadfast dedication to the values of social contribution and solidarity, Eurobank has once again actively supported Radiomarathon 2025, Cyprus’ largest charity initiative for children with special needs,” the bank said.

“This marks the third consecutive year that Eurobank has participated in the Radiomarathon, a charitable institution that for thirty-five years has stood by children with special needs, promoting inclusion, acceptance, and social awareness,” it added.

The bank mentioned that the Radiomarathon Foundation, established in 1990, aims to provide financial and social support to children with special needs through programmes of medical and technical assistance, scientific research, and psychosocial preparation, with the goal of ensuring their smooth integration into society.

Petrolina (Holdings) Public Ltd announced on Tuesday that it has completed the payment of an interim dividend for the year 2025, while also setting a date for a board meeting to consider a second interim dividend.

The interim dividend amounted to €0.01 per share and was paid to eligible shareholders today, November 4, 2025.

The method of payment varied based on the shareholder’s account type, adhering to the new Cyprus Stock Exchange (CSE) Cash Distribution procedures.

For shareholders whose shares are managed by a member of the Cyprus Stock Exchange, the net amount of the dividend was transferred to the Member’s client account.

For shareholders whose shares are held in the “Special Account / Global CSE” category, dividend cheques were issued and mailed to the shareholders’ address as registered in the company’s CSE shareholder register, as declared by the shareholder.

Woolworth (Cyprus) Properties PLC recorded a net loss after taxation of €4,870,389 for the year 2024, a major reversal from the profit posted in the previous year, according to audited financial statements approved by the board of directors on Monday, November 3.

The significant net loss represents a swing from the net profit of €255,416 recorded by the group in 2023.

This change was driven by two significant, one-off financial movements, the company explained in an announcement released on Tuesday.

Firstly, the results were negatively affected by €10 million due to the re-negotiation of the disposal value of the Aura project.

Demetra Holdings Plc announced today that it proceeded with a buyback of its own shares on Monday, November 3, purchasing a total of 8,000 shares in the market.

The purchase was executed through Cyprus Investment and Securities Corporation Ltd (CISCO) and was carried out pursuant to the Companies Law, Cap.113, Article 57A, and in accordance with an authorisation granted by the annual general meeting held on June 24, 2025.

The total volume of shares purchased was 8,000, and the weighted average price for the transaction was 1.622 cents per share.