Uncertain future for most of RCB’s 370 employees
Although most of the 370 employees of RCB bank are set to be made redundant once its transformation into an asset management company is completed, there is uncertainty about when and ...
Saudi Arabia deposits $5 billion in Egypt’s central bank
Saudi Arabia has deposited $5 billion in Egypt’s central bank, the Saudi state news agency reported on Wednesday, as the Egyptian economy faces new economic pressures as a result of ...
As sanctions ‘weaponize’ US dollar, some Treasury buyers could fall back
US sanctions against Russia should hasten a move by some countries to reduce their reliance on the US dollar, which could also soften demand for Treasuries just as the Federal ...
Lebanon’s central bank chief is suspect in 120 mln euro asset freeze case
Lebanese central bank governor Riad Salameh is a suspect in a case the European Union’s criminal justice agency said on Monday had led to the freezing of some 120 million ...
The co-op bank must not be resurrected
Worrying talk of a push to re-establish a bank which cost us all so dearly
The trigger for writing this article was a discussion on Omega TV last week which ...
The war in Ukraine and its macroeconomic implications
By Ioannis Tirkides
The war in Ukraine and the sanctions will have profound effects on the Russian economy itself, will cause a geopolitical shift, and will certainly have serious macroeconomic ...
Lebanon banks to sell dollars at approved rate starting March 28
Lebanese banks will be allowed to sell the local currency for US dollars and vice-versa starting March 28, on the basis of the rate determined by the central bank’s “Sayrafa” ...
HSBC steps up scrutiny of Russian clients worldwide as sanctions ratchet up
HSBC (HSBA.L) is shunning prospective Russian clients and declining credit to some existing ones, two sources with knowledge of the matter told Reuters, as the bank seeks to shield ...
The end, and the beginning of a new era for RCB
By Yiannis Seitanides
RCB Bank’s coordinated exit from the financial markets has entered the final stretch, with the supervisory authorities in Nicosia and Frankfurt managing a situation that could ...
RCB to close its banking operations in shift towards asset management
RCB Bank on Thursday announced that it will cease operating as a bank and would become an asset management company.
The bank cited the “ongoing and extremely volatile geopolitical situation” ...
Eurobank Cyprus posts €52.3 million net profit
Eurobank Cyprus on Wednesday announced that it posted a net profit of €52.3 million for 2021, boosting its profitability from the year before, while at the same time improving its asset quality ...
Uncertainty forced sale of RCB loan portfolio
The €556 million loan portfolio sale by RCB Bank to Hellenic Bank on Tuesday served to fulfil a dual purpose – bolstering the latter bank’s portfolio with high-quality assets, while at ...
Paris Court of Appeal backs Cyprus government in Fbme case
Τhe Paris Court of Appeal has dismissed an application for the annulment of an International Arbitral Award, finding in favour of the Republic of Cyprus concerning Fbme Bank.
The case ...
Cyprus affirmed at BBB- with a Stable Outlook by Fitch Ratings
Fitch Ratings announced that it has affirmed Cyprus’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook.
The credit ratings agency said that Cyprus’ rating is ...
Russia’s payment on another bond is processed by US bank
Russia’s coupon payment on a sovereign bond maturing in 2029 was processed by correspondent bank JPMorgan Chase & Co (JPM.N), a source said on Monday, the second time in ...
RCB sells big loan portfolio to Hellenic Bank
RCB Bank on Tuesday announced that it has agreed to the sale of a performing loan portfolio to Hellenic Bank, including any related funds on the accounts belonging to the ...
Russia faces a raft of external debt payments
Russia is due to make another dollar-denominated payment to bondholders on Monday after last week defying fears it might not be able or willing to do so, following Western countries’ ...
Cyprus Business Now
Hellenic Bank announced on Monday the successful completion of a conference it held during the previous week to support small-to-medium-sized enterprises (SMEs), with participants having had the opportunity to share ...
HSBC buys virtual plot of land in digital push
HSBC (HSBA.L) is buying a plot of virtual real estate in an online gaming space called The Sandbox for an undisclosed sum, the bank’s first major foray into ...
Cyprus Business Now
The Cyprus Investment Promotion Agency (Invest Cyprus) on Friday announced that its national stand had a great presence at one of the most important European real estate exhibitions, MIPIM (Marche ...
Russians have up to $213 billion stashed offshore in Swiss banks
Switzerland’s secretive banks hold up to $213 billion of Russian wealth, the country’s financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults.
The ...
Russian sovereign bond payment received by JPMorgan and processed
Coupon payments on Russian sovereign bonds due this week were received by correspondent bank JPMorgan (JPM.N), processed and the bank then made an onwards credit to the paying agent ...
BoC says it has ‘limited direct exposure’ to Russia
The island’s largest lender said Thursday it has no banking operations in either Russia or Ukraine, having wound down its business there years ago.
In a statement released through ...
Fed hikes rates, signals aggressive turn against inflation
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and projected its policy rate would hit a range between 1.75% and 2% by year’s end ...