Cyprus Company News

Bank of Cyprus issued a bank statement informing that it had sold its entire shareholding of 49.9% in CNP Cyprus Insurance Holdings Limited to CNP Assurances , for 97.5mln euros. According to the statement, CNP Assurances is the owner of 50.1% of CNP Cyprus Insurance Holdings Limited. The sale, which is subject to regulatory approvals, is expected to be completed in the second half of 2019.  The sold stake was earlier purchased by the Bank of Cyprus when it absorbed assets and liabilities of the former Popular Bank of Cyprus (Laiki), which was wound down and folded into BoC in 2013. Although the Bank of Cyprus was the holder of 49.9% of the company’s share, it had no control of it and for this reason it took the decision to sell it and focus on its own insurance business. The transaction will result in an accounting loss of 22mln euros as bank’s investment in CNP was 119mln euros as of March 31, 2019, but the cash inflow will have positive impact on the Bank’s Total Capital ...

Elias Neocleous & Co LLC , the largest law firm in Cyprus, became the co-sponsor of the Legal500 GC Powerlist for Greece and Cyprus - the international initiative, which is growing year by year, and events are hosted annually to launch the new publication. For Greece and Cyprus, the reception for the 2019 publication for the best legal teams was held on May 16 in Athens, and was attended by 160 legal counsel nominees and guests, including the leading legal teams from Greece and Cyprus, who work in all industry sectors including banks and financial institutions, transport and infrastructure, energy and utilities corporations, information and technology, healthcare and pharmaceutical, consumer products, hotels, restaurants, food, beverage, entertainment, industrial and real estate, materials and mining and telecommunication services. The Cyprus firm congratulated all legal teams that comprised this year’s list, and said: “We are very glad to have contributed to this initiative and...