The approval followed the outcome of the annual general meeting held on May 15, confirming a total dividend of €0.70 per share when combined with the interim dividend of €0.20 already paid in October 2025.
The bank said the total distribution amounts to €305 million, representing an increase of approximately 25 per cent year-on-year.
This corresponds to a 70 per cent payout ratio, placing it at the top end of the group’s stated 2025 distribution policy.
Earlier today, the Cyprus Statistical Service (Cystat) reported a sharp 27.6 per cent year-on-year decline in tourist arrivals for April 2026, highlighting the deepening impact of the war in Iran on the island’s tourism sector.
This drop brought arrivals down to 303,031 for the month, contributing to a broader 17.9 per cent decline for the first four months of the year compared to the same period in 2025.
Speaking to the Cyprus News Agency (CNA), Papacharalambous said the association remains in constant contact with its partners abroad, working to promote Cyprus through offers and new travel programmes.
“We continuously promote anything that can attract tourism and send positive messages abroad,” he said, referring to ongoing efforts to support demand.
The meetings will take place in Limassol, bringing together senior banking executives and European financial leaders for a series of high-level institutional discussions.
According to the association, the programme includes two major strategic sessions that “will shape the direction of the European banking industry”.
The first is the executive committee meeting, scheduled for May 21, 2026, which comprises the general directors of banking associations from across Europe.
This will be followed by the board of directors meeting on May 22, 2026, the federation’s highest decision-making body, made up of the chairpersons of national banking associations.
The approval, officially granted on May 15, 2026, allows the company to proceed with the publication of the document under the provisions of the public takeover bids law of 2007 to 2022.
The move follows an earlier announcement dated April 2, 2026, in which CTC confirmed it would launch a mandatory public takeover bid to acquire up to 100 per cent of the issued share capital of Ermes.
CTC currently holds 134,740,047 shares, representing 77.215 per cent of the company’s total issued share capital and voting rights.
Founded in 2016, Strikerz Inc. operates internationally through several regional offices and has a global team of more than 400 employees. The company, whose headquarters are located in Cyprus, is best known as the force behind UFL, a free-to-play football video game built around skill-first gameplay, community feedback and long-term development.
UFL is already available on PlayStation5, PlayStation5 Pro, Xbox Series X|S and PC, with optional cross-play across those platforms. The game is localised into 14 languages and has attracted significant attention through football legend Cristiano Ronaldo, who is a shareholder, as well as ambassadors including Federico Valverde and Raphinha.
Its football ecosystem also includes partnerships with brands such as adidas, Joma, Kappa and Umbro, alongside collaborations with clubs including Aris Limassol FC, Hashtag United FC, FC Porto and Sporting CP.
Speaking to Politis, Kelepeshis explained that the market is not moving in one direction. Higher operating costs and cautious demand are creating both price increases and discounts, depending entirely on the destination and availability.
For example, a trip to Bali that could have cost around €2,000 if booked in December or January can now be found for €200, €300, or even €500 less.
Kelepeshis clarified that this does not indicate a general collapse in prices, but rather reflects the shifting relationship between supply and demand as organisers try to fill seats during a time of geopolitical uncertainty.
The statistical service’s latest report showed that tourist arrivals fell to 303,031, compared with 418,730 in April 2025, marking a drop of 27.6 per cent year-on-year.
For the January to April 2026 period, arrivals totalled 710,370, down from 865,326 in the corresponding period last year, representing a decline of 17.9 per cent.
The April figures reinforce a downward trend that began in March, shortly after the escalation of geopolitical tensions at the end of February.
However, hotel reservations in the district have yet to recover from the impact of the recent hostilities in the Middle East and the unrest caused by a drone strike near the British bases in Akrotiri.
Hotel association Pasyxe president Thanos Michaelides told local media that although the situation has generally stabilised, the UK foreign office travel advisory for Cyprus remains in place, while tourists from other western and northern European countries are still hesitant about holidaying on the island.
Michaelides said as long as the UK warning is in place, insurance companies are treating Cyprus as a high-risk destination, making travel insurance more expensive for British tourists.
The day, marked each year on May 17, was established by the International Telecommunication Union (ITU) to commemorate the founding of the organisation in 1865 and to reflect the growing role of digital technologies in everyday life.
For 2026, the ITU has chosen the theme ‘Digital lifelines: Strengthening resilience in a connected world’, focusing on the infrastructure that keeps societies and economies connected at a time of increasing digital dependence.
The report comes as Cyprus authorities maintain that the country is nearing full technical readiness for entry into the Schengen Area, following months of statements signalling 2026 as a target timeline, though officials have increasingly avoided firm commitments on exact timing.
The commission said Schengen continued to demonstrate resilience, describing it as one of the EU’s most tangible achievements, allowing more than 450 million citizens to move freely across borders while supporting trade, tourism and goods flows alongside external border protection.
The findings were presented during a high-level event organised by the Financial Wellbeing Institute, bringing together government officials, regulators, the private sector and civil society to discuss women’s financial wellbeing.
The message from the event was clear, saying that women’s financial wellbeing is no longer simply a matter of personal finance.
It is a public policy issue, directly linked to social cohesion, economic resilience and the country’s long-term financial security.
The index, implemented by the Financial Wellbeing Institute with Mastercard as key strategic partner, pointed to persistent gaps in women’s financial lives.
According to the early findings, only four in 10 women have money to cover an emergency without borrowing, significantly fewer than men, while fewer than four in 10 can cover basic expenses for three months.
According to the association, the increases were recorded between May 1 and May 15, covering 31 product categories, with price rises ranging from 1 per cent to 9 per cent.
The largest increases were observed in the categories of nuts, fruit and vegetable juices, fabric softeners, frozen pasta, baby food, frozen vegetables, olive oil and baby wipes.
At the same time, the association said that intense competition appears to exist only in a small number of supermarkets.
By contrast, in the vast majority of supermarkets participating in e-kalathi, “there does not seem to be any intense competition”.
The regulator stated that the websites topmarketsolution.com, cfdcapita.com, and globaletradecif.com are not linked to any entity licensed under Cyprus law to offer investment services or carry out investment activities.
CySEC explained that the provision of such services requires formal approval under Article 5 of Law 87(I)/2017, which governs the operation of investment firms in Cyprus.
The index reached 120.67 units in April 2026, based on 2021 as the reference year, marking a monthly increase of 0.64 per cent.
On an annual basis, the index recorded a rise of 1.38 per cent, indicating a steady but contained increase in construction costs.
For the January to April 2026 period, the index increased by 1.00 per cent compared with the same period of 2025, pointing to gradual upward pressure on material prices.
The approval paves the way for the expansion of UAMCO’s activities on the island, where the company already operates maintenance, repair and overhaul facilities.
The new facility will be used to test, evaluate and certify aircraft engines under controlled conditions after maintenance work has been completed. Such test cells are considered a key part of the aviation maintenance ecosystem, as they allow engines to be checked before returning to service.
According to the company, the project will also introduce a technological innovation for the wider Europe, Middle East, Africa and Asia region.
During the trading session, the company absorbed several blocks of shares from the secondary market, securing all 6,880 shares at a uniform price of €1.545 per share.
The largest individual transaction of the day involved the acquisition of 3,677 shares, followed by a secondary block of 979 shares.
Other smaller transactions completed during the session included blocks of 949 shares, 475 shares, 388 shares, 263 shares and a final smaller lot of 149 shares.
Poullikkas, professor of energy systems at Frederick University and former chairman of the Cyprus Energy Regulatory Authority (CERA), said the transition towards competition in Cyprus’ electricity sector could not by itself guarantee fair pricing or smooth market operation.
“In an emerging electricity market such as Cyprus, with a dominant producer, targeted regulatory rules are needed so that new distortions are not created instead of strengthening genuine competition,” Poullikkas said.
The company said the dual recognition underscores its continued momentum and reflects a “strong upward trajectory” in both market performance and digital capability.
In addition, the company explained that the award for its website highlights the firm’s “strategic investment in digital transformation“, focusing on delivering a “modern, user-friendly and seamless online experience” for customers.
“With deep knowledge of the Cypriot market and a strong focus on reliability, innovation, and a human-centric approach, Genikes Insurance proves once again that it stands by every customer with solutions that address real needs and enhance the overall insurance experience,” said General Manager Christiana Agrotis.
In the organisation’s statement issued on Monday, the chamber said the decision was “particularly important” as it creates a unified framework for managing the entire project.
Among the measures endorsed by the chamber are plans to upgrade the port into a tourist gateway while continuing to handle commercial cargo.
It also welcomed the immediate upgrading of equipment for the management of commercial cargo, saying this would improve operational efficiency and strengthen public health protection.
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