The latest update on acquisition process was confirmed by Hellenic Bank CEO Michalis Louis during the 12th Banking Forum and Fintech Expo which took place this week.
Meanwhile, Hellenic Bank also announced this week that the acquisition of CNP Assurances will also be finalised in the first quarter of 2025.
This development, the bank stated, will establish it as “a leading financial group with a strong presence in both the banking and insurance sectors in Cyprus”.
In a statement issued on January 16, 2025, Eurobank clarified that the transaction forms part of a broader agreement with Demetra and Logicom.
This agreement also includes Eurobank’s acquisition of an additional 24.66 per cent stake in Hellenic Bank Public Company Ltd.
Under the terms, Eurobank will acquire 21.33 per cent from Demetra and 3.33 per cent from Logicom.
This segment of the agreement is expected to close by February 10, 2025, pending the necessary regulatory approvals.
The CBC’s latest report indicates a general decline in rates across most categories, following decisions by the European Central Bank. However, significant variations persist among financial institutions.
In addition, the report showed that Cyprus still has higher average lending rates and lower deposit rates compared to the Eurozone.
“The approval by the Environmental Authority lays the foundation for a model private hospital in Limassol, setting a new benchmark for the health sector based on the highest international standards,” said Marinos Sotiriou, a founding member of AMC.
The facility, covering 12,900 square metres with an estimated investment of €60 million, is set to become a leading healthcare institution in Cyprus and one of the most technologically advanced private hospitals in the district.
Co-hosted by Maritime Economies and UPoilTankers and Trading Inc., the event attracted 244 industry professionals and featured 31 speakers alongside 34 sponsors, enriched by significant insights from Cyprus’ maritime sector leaders.
Vassilios Demetriades, Former Deputy Minister of Shipping for Cyprus and Director of Shipping, Yachting, and Blue Economy at the Cyprus Investment Hub, delivered a keynote speech titled ‘Blue Economy – Unlocking the Investment Potential’.
He spoke about the vast opportunities within the Blue Economy for attracting investments and promoting sustainable development.
The scheme aims to support the modernisation and competitiveness of hotels and tourist accommodations in rural, mountainous, and other remote areas.
This initiative aims to strengthen tourism infrastructure by offering financial incentives for modernisation projects that enhance the competitiveness of the tourism sector in these regions.
The scheme focuses on boosting accommodation facilities in four defined areas, each benefiting from tailored levels of support.
The category of restaurants and hotels saw the highest annual change, with a 5.5 per cent increase.
In December 2024, harmonised inflation registered the highest year-on-year growth in 12 months, rising by 3.1 per cent compared to December 2023.
However, on a month-on-month basis, it decreased by 0.3 per cent compared to November 2024.
Dating back to 1966, the cinema was located at the intersection of Makariou and Agia Zoni streets and featured separate theatres for winter and summer viewings, making it a notable landmark of its time.
The €45 million project, led by a businessman of Armenian origin and his company Pandigi Ltd, will introduce mixed residential and office spaces across a total buildable area of 11,000 square metres.
The association criticised these municipalities for demanding large sums of money as compensatory measures for tall building projects, instead of undertaking basic urban infrastructure projects.
Vafeades met with Larnaca mayor Andreas Vyras and CMMI managing director Zacharis Shokouros, to discuss the next steps.
“We have drafted a course, we have agreed the next steps and we are proceeding with their implementation,” he said.
The Cyprus Stock Exchange (CSE) ended Friday, January 17, with negligible gains.
The general Cyprus Stock Market Index stood at 229.29 points at 12:45, reflecting a rise of 0.01 per cent.
The FTSE / CySE 20 Index was at 139.53 points, representing an increase of 0.02 per cent.
The total value of transactions came up to €444,877, until the aforementioned time during trading.
In terms of the sub-indexes, the main and investment firm indexes fell by 0.11 per cent and 0.27 per cent respectively. The alternative index rose by 0.46 per cent while the hotel index increased by 0.11 per cent.
The biggest investment interest was attracted by the Bank of Cyprus (+0.4 per cent), Hellenic Bank (-0.42 per cent), Demetra (-0.27 per cent), Agros Development Company (no change), and Salamis Tours (no change).
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