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121. Cyprus banks hike mortgage rates as new loans drop by a third in August

Banks in Cyprus raised the interest rates on home loans in August, while reducing the interest rates offered on household deposits, according to data released by the Central Bank of Cyprus on Wednesday....

122. US urges tighter oversight of Cypriot service providers to combat financial crime

Cypriot accountants and lawyers are under pressure from U.S. authorities to align with banking standards in combating financial crime. ...

123. Cyprus banks have €28.7 billion in cash and liquidity

The amount of liquidity in Cyprus's banking system rose to €28.7 billion in August 2024, according to the Central Bank of Cyprus (CBC). This increase was fueled by a growth in deposits alongside a decline in loans....

124. Tighter lending rules for businesses while household loans remain steady

Cypriot banks made it harder for businesses to get loans in the second quarter of 2024, while lending rules for households stayed the same, according to a new survey by the Central Bank of Cyprus (CBC)....

125. Bank of Cyprus shares surge 4.6% on first day back in Athens

Bank of Cyprus shares surged on their first day of trading at the Athens Exchange, reaching €5.00, marking a notable return to the Greek financial market after seven years....

126. Cypriot loan servicers struggle as red loans hit €21.2B

While non-performing loans (NPLs) in Cypriot banks are gradually declining, the situation remains dire for "red loans" held by loan acquisition companies, or "servicers." ...

127. Michalis Louis appointed CEO of Hellenic Bank

Michalis Louis has been appointed as the new Chief Executive Officer of Hellenic Bank Public Company Limited at the Annual General Meeting of the Shareholders of the Bank, with immediate effect, according to a decision taken by the Board of Directors of the bank......

128. Hellenic Bank boosts first-time buyers with reduced rates

Hellenic Bank has introduced a new scheme offering reduced interest rates for first-time homebuyers....

129. Fitch upgrades Hellenic Bank's rating

Fitch Ratings has raised Hellenic Bank’s (HB) support rating from ‘bb-’ to ‘bb’, thanks to a similar boost for Eurobank S.A., which owns a majority stake in HB. This change reflects Eurobank’s growing role and influence over HB....

130. Homebuyers face mounting debts as developers' loans go unpaid

131. Bank of Cyprus moves from London to Athens stock exchange in major shift

In a series of significant moves, Cyprus's banking sector is undergoing notable changes this autumn....

132. Two men charged after theft of Banksy's 'Girl with Balloon'

Two men have been charged with burglary following the theft of Banksy's iconic artwork, Girl with Balloon, from a London gallery. ...

133. ECB cuts key interest rate to 3.5% amid slowing inflation and growth concerns

The European Central Bank (ECB) cut its key interest rate by 25 basis points to 3.5%, responding to slowing inflation in the Eurozone and concerns over weak growth. ...

134. Cyprus banks praised by US for stronger sanctions enforcement

US sanctions imposed on entities and individuals in Cyprus are not targeting the country, but “oligarchs and arms traders” enabling “the Kremlin war machine” to continue the war in Ukraine......

135. ECB set to cut key interest rate by 0.25% in upcoming meeting

The European Central Bank (ECB) is expected to reduce its key interest rate by 0.25% on Thursday, according to most economists in Greece and the Eurozone....

136. Bank of Cyprus considers selling JCC to Euronet

Changes are imminent in Cyprus' payment sector as discussions unfold regarding the sale of JCC Payment Systems Ltd to Euronet. JCC Payment Systems......

137. Cypriot bank officials to present AML progress in U.S.

Top officials from four major Cypriot banks are headed to the U.S. on Sept. 16 to present updates on their progress in anti-money laundering (AML) efforts, sanctions enforcement, and foreign account management. ...

138. Christodoulides backs Eurobank's big move into India

President Nikos Christodoulides has shown strong support for Eurobank’s plan to expand into India, seeing it as a significant chance to boost business ties between Cyprus and one of the world's largest economies....

139. Cyprus sees higher borrowing costs, lower deposit rates in July

Interest rates on consumer loans and mortgages in Cyprus increased in July, according to the Central Bank of Cyprus (CBC). The rate for consumer credit climbed to 6.67% from 6.18% in June, while the rate for home loans rose to 4.59% from 4.52%....

140. Banks in Cyprus contribute €1 million to install air conditioners in schools

Cyprus's major banks are stepping up to help install air conditioners in schools, contributing €1 million to the effort. The funds will be distributed equally among the School Boards of the country’s five provinces. ...

141. Hellenic Bank's profits surge amid higher lending rates

Hellenic Bank, Cyprus’ second-largest lender, has had a strong start to 2024, reporting a net profit of €189 million in the first half of the year—a solid 18% increase from last year. This boost in profit is mainly due to a 30% rise in interest income, driven by higher European Central Bank (ECB) interest rates....

142. Cyprus banks report €164.7 million deposit increase in July

Total deposits in Cyprus’ banks recorded a net increase of €164.7 million in July 2024, compared with a net decrease of €44.1 million in June 2024, according to figures released on Wednesday by the Central Bank of Cyprus (CBC)....

143. Cyprus banks to engage with top investors in London

The investment community is turning its focus to a major conference in London, set for late September, where several Cypriot banks will be represented....

144. Eurobank's Michalis Louis set to become new CEO of Hellenic Bank

Michalis Louis, CEO of Eurobank Cyprus, is expected to be named the new chief executive officer of Hellenic Bank following the bank’s 50th Annual General Meeting on September 18, 2024....

145. Cypriot banks slash Eurosystem funding by €2.6 billion

Cypriot banks have almost zeroed funding from the Eurosystem via the Targeted Long-Term Refinancing Operations (TLTRO), with the latest data by the Central Bank of Cyprus (CBC) showing repayments amounting to €2.6 billion....

146. Cyprus banks set for major changes in September

September will bring significant shifts for Cyprus's two largest banks....

147. Gold hits historic $1 million per bar milestone

For the first time, the value of a gold bar has reached $1 million. ...

148. Mental health over job security is Gen Z’s new workplace mantra

Gen Z, born between 1997 and 2012, is expected to make up 27% of the global workforce by next year, according to the Guardian. ...

149. Sharp increase in bounced checks for July 2024

The Central Bank of Cyprus (CBC) has reported a notable increase in bounced checks for July 2024, according to preliminary data from the Central Information Register (CIR)....

150. Bank of Cyprus sees 23% profit growth, raises financial targets

The Bank of Cyprus has announced a 23% increase in its profit after tax for the first half of 2024, reaching €270 million, compared to the same period in 2023. ...