Nearly 6,000 Cyprus businesses enjoy suspended loan payments in May and June
Cyprus borrowers are being rewarded by not having to pay loan instalments in May and June. A total of 49,043 borrowers applied for a suspension...
banking
Hellenic Bank shows small loss in Q1; analysts say outlook is stable for year
With the announcement of first quarter results on Friday, Hellenic Bank revealed the initial effects of the novel coronavirus crisis, showing a slight loss...
Wirecard scrambles to find missing $2.1 billion as loan crunch looms
Wirecard‘s auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down more than 60% as the German...
Cyprus improving its AML framework but risks remain, US says
Although Cyprus’ financial system is vulnerable to money laundering by domestic and foreign criminals, proceeds generated by illicit activity abroad pose a greater threat, the...
Bank union lashes out at Sek for poaching members
Banking union Etyk complained on Monday that other trade unions were attempting to poach members from them. Etyk was responding to a decision last week...
Economic growth decelerating says EC/ECB report
While Cyprus’ economy remains strong, economic growth is gradually decelerating, according to the findings of a report from European Commission staff and the ECB. The...
Banking on tech: incumbents and challengers
Traditional banks are struggling to keep up with virtual banks like Revolut with no service or transaction fees By Philippe Orphanides Banks have thrived...
‘Dozens of rural communities left without banking services’
MAIN opposition Akel has again highlighted the issue of the ongoing closure of bank branches formerly operated by the Cyprus Cooperative Bank (CCB) and since...
Australian bank accused of illegally billing 460,000 customers
By Byron Kaye SYDNEY, July 25 (Reuters) – The Australian corporate regulator filed suit against the country’s third-largest bank on Thursday, accusing it of knowingly...
Herodotou appointed new CB chief
The president has appointed Constantinos Herodotou governor of the central bank of Cyprus, it was announced on Thursday. Herodotou has been serving as an executive...
Hellenic launches second mobile banking unit, 27 communities now covered
Hellenic Bank has launched a second mobile banking unit covering an additional 15 communities to bring the total to 27 that do not have easy...
BoC chairman warns of risk of new financial crisis
By Annette Chrysostomou Although the European banking sector is safer now than it was 10 years ago, there is always the risk of another financial...
Lenders call on Cyprus to maintain fiscal discipline and speed up reforms
The European institutions (EC, ESM) the ECB and the IMF have called on Cyprus to maintain fiscal discipline and accelerate reforms, especially those linked to...
BoC negotiating sale of €3bn in bad loans – report
Investment company Apollo Global Management is the preferred bidder to buy a non-performing loan portfolio worth some €3bn from Bank of Cyprus, reports said. According...
Banks raise charges to offset decline in interest income
Declining net interest income has forced banks to raise charges and readjust their interest rates on deposits and loans, as rates in the euro area...
Cabinet approves homeowner protection (updated)
The cabinet on Tuesday approved, Estia, a scheme designed to help struggling households repay their debts, and the entity that will manage bad loans, the...
Failure to approve Co-op deal would be disastrous, CBC warns (update 2)
A central bank official warned members of the parliament on Thursday that failure to implement Hellenic Bank’s agreement with the Cyprus Cooperative Bank to...
Deposits rise to €50.9bn in May, central bank says
Deposits in the Cypriot banking system rose in May by €201.2m in a month, to €50.9bn, as total lending fell by €66.8m, to €48.8bn, the...
Employers censure demands for co-op staff compensation (updated)
Employers association OEV said Friday it was unacceptable and an insult for co-op bank unions to demand up to €200,000 in compensation for staff who...
Central Bank tells banks to ditch shell companies
The Central Bank of Cyprus is tightening rules against money laundering by asking supervised banks to avoid business with “shell and letterbox companies”. “The Central...
