Cyprus Company News

The Cyprus-based VTS / VSS EPE companies of the Vasiliko Terminal Services Ltd group , which are offering the full range of marine environment protection and spill response services and having mechanism to deal with accidents at the local, regional and national levels, will provide specialized services for the work in Israel’s natural gas fields. Cyprus Group’s CEO Yiannos Lakkotrypis said in his comments about the co-operation: "As a company we provide services to oil giants operating in the Eastern Mediterranean region. The high level of technology and readiness combined with the well-trained staff of the company paves the way for us to participate in the work being carried out in the EEZ of Israel." The extraction of natural gas deposits in Israel has been undertaken also by the Greek group, Energean Oil & Gas Group .

Bank of Cyprus made an announcement that it is planning to close 15 branches, as part of its restructuring . According to the Bank’s statement, these branches are to merge with other Bank of Cyprus outlets , while no bank personnel will be affected by this move which reflects “the rationalisation process of the bank’s network, the strengthening of branches and reduction of the most tedious elements of our daily routine". The reduction of branches will cut operating costs of the bank, and the customers will be served faster and easier. The bank stated in the press release that about 75 per cent of its total transactions are not carried out over the counter , and only 83 per cent of transactions carried out by individuals are made in the branches . Also, 92 per cent of money transfers through the accounts is done digitally . Bank of Cyprus follows the global trend of banks who are trying to reduce their number of branches in order to boost speed, comfort and lower costs by swi...