Cyprus Company News

Cyprus office of the leading offshore firm Harneys has advised Morgan Stanley Private Equity Asia on the matters of Cypriot law, in its investment acquisition of the majority ownership of the leading Greek natural cosmetics producer Korres. Morgan Stanley Private Equity Asia and Chinese-based Profex purchased majority share in Korres for €48.3mln (US$58mln), and the transaction was passed through Nissos Holdings - the company based in Cyprus and founded by Korres. The partner of Harneys Cyprus and the leader of the team Demetris Loizides commented: “We are delighted to have acted on this successful acquisition, showcasing the expertise of our Corporate and Commercial practice group in Harneys Cyprus”.

The Elias Neocleous & Co LLC as the leading law firm in Cyprus was listed on the top of the latest Legal 500 rankings for Europe, the Middle East & Africa, released on 10 April 2019. Nine of the firm’s lawyers were recommended in The Legal 500 Europe, Middle East & Africa 2019 editorial. Two of lawyers were listed in the ‘Leading lawyers’ list of outstanding lawyers, and further two lawyers were listed in the ‘Next Generation Lawyers’ list of up-and-coming lawyers. The Legal 500 rankings are the most authoritative guide to lawyers in the wide range of practice areas; they are based on the results of thorough research process and the merits of the available evidence. Their coverage is constantly growing year after year, with new practice areas and additional countries.  The Managing Partner of the firm Elias Neocleous commented on the rankings: “It is extremely gratifying that the leading position we took over from our legacy firm has been confirmed by the latest Le...

The Bank of Cyprus Holdings Group has published audited Financial results for the year ended 31 December 2018. According to the figures showing performance of the company in the financial year 2018, total income was €782 mln, operating profit made €382 mln, and underlying profit was €140 mln. Rapid de-risking of the Bank of Cyprus led to a 4Q2018 impairment of the DTA of €79 mn, expected to be reversed in 1Q2019. This all resulted in a loss after tax of €104 mln in the financial year 2018, as compared to 552 mln loss for the year 2017. In the reported year, the Bank showed strong liquidity positions with surplus of €4.4 bn, and loan to deposit ratio of 65%. According to the Audited Consolidated Income Statement, company’s turnover for the year 2018 was €985 mln, net interest income was €419 mln. At 31 December 2018, total equity totalled €2,341 mln, compared to €2,206 mln at 30 September 2018 and to €2,586 mln at 31 December 2017. Shareholders’ equity totalled €2,121 mln at 31 Dec...

CNS group , a diversified group of companies working mainly in Cyprus, announced the launch of its latest development project, Citrine Estates . It is an exclusive project located near the highly-anticipated premier casino-resort, City of Dreams Mediterranean, and is expected to be a key international destination for luxury living. The concept of the project which can be so attractive to investors is holistic living combining natural beauty and luxury lifestyle. CEO of CNS Group, Melis Shacolas, stated: “We are proud to announce the launch of Citrine Estates, a sophisticated fusion of luxury design and unbridled natural beauty that further expands and enhances the portfolio of CNS Group in real estate. The project is designed to enhance the experience of the surrounding natural environment, offering a unique, holistic balance between high-end exclusivity and immersion in natural beauty”. Citrine Estates comprises range of designer property options from 50m² to more than 370m²; avai...