Cyprus Company News

The Cyprus-based property development company Leptos Estates  announced that it has received the Cyprus Export Services Award from the President of the Republic of Cyprus, Mr. Nicos Anastasiades. During a special event which was held on 12 November 2020 the company was recognised for its outstanding performance and efforts towards opening of new markets and for its contribution to the economy of Cyprus. Previously the company received this award in 2012 and 2016, respectively. The Award itself was established in 1982, has become very prestigious and is given to companies that have encouraged foreign direct investment and have excelled in both service and performance. This time, the Leptos Group has been awarded for its outward-looking strategy, adding value and creating potential for investment.

According to businessmen and professional service firms in Cyprus, new companies are waiting long queues to open bank accounts in the jurisdiction. Some of them are should wait for 3-4 months and even longer. According to some financial sources, it is not only banks which are to blame for this, but also insufficient Cyprus Central Bank guidance in terms of evaluation of potential account holders, and the vastly increased amount of compliance regulations. Bankers say that there is enormous and growing complexity of regulations, especially for companies with branches in several countries. By words of Chris Boreham, group head of Business Development at the Nicosia-based Highworth, “there is a definite need for improvement, as clients are giving up and going elsewhere because they can’t arrange their finances here.” There is a significant danger to the Cyprus economy, as Cyprus is being judged for its ability to provide good corporate governance. Professional associations in the jurisdict...

The Central Bank of Cyprus (CBC) released the data about the performance in Cyprus banking sector in August 2020. Total deposits rose in this period, with the outstanding amount reaching €47.9 billion. This is compared with a net increase of €105,6 million in July 2020. On an annual basis, the deposits remained unchanged, compared with an annual reduction of 0.9 per cent in July 2020. There was a net decrease of €60.7 million of total loans in August 2020, compared with a net increase of €66.9 million in July 2020, with the outstanding amount reaching 31.8 billion. The annual growth rate in August amounted to -4,4%, compared with -3,7% in July 2020. According to the Central Bank of Cyprus, the suspension of instalments which was related to loans from MFIs to households and non-financial corporations amounting to €10.4 billion, had an upward impact on the above changes in loans.

According to the circular issued by the management of the Bank of Cyprus , it is going to reduce staff-related costs with changes in salaries and early retirement and part time employment options. Also, according to the Human Resources Department, about 3,700 employees could be left on unpaid leave. It was stated in the circular: “The coronavirus pandemic has affected us all, ushering in a new reality to the labour sector and indicating that we all have to adjust to a new state of play… Within this framework and with the main goal being the provision of facilities to staff that will lead to a better work life balance, we are immediately proceeding with labour institutions.” The Bank of Cyprus, which is the largest lender on the island, announced a net loss of €70 million for 2019; in view of the pandemic, the Bank has been updating macroeconomic assumptions.

Cyprus-based Alexandrion Group was granted two international awards organized under the publication’s established awards ordinance “ACQ5 Global Awards 2019”. The leading group of spirits in the Romanian market has won the Europe’s company of the year award and the founder and chairman of Alexandrion Group was named Europe’s Gamechanger of the year. The ACQ Global Awards were established in 2006, and are the only industry honours given purely on the basis of voter participation, welcoming and considering any and all submissions to the relevant nomination process. The awards are divided into Company, Practice Area, Individual and Firm-wide categories within the public & private sectors. The awards boast a legitimately independent nomination process, they rely on reader insight and experience to provide nominations and relish hearing about new experts and burgeoning markets.

Privately-owned investment banking company AXIA Ventures Group based in Cyprus was engaged by Greek holding Lamda Development S.A. to act as Joint Global Coordinator for the successful completion of €650 million share capital increase through the exercise of pre-emption and over-subscription rights by Lamda’s existing shareholders. Group Managing Director of AXIA Ventures Group Mr. George Linatsas stated in his comments: “We are honored that Lamda Development has trusted us to have a leading role in such a landmark transaction not only for the Company but also for Greece. The successful completion of this share capital increase enables the Company to essentially kick-start the Hellinikon Project, one of the largest urban development projects in Europe, which will have an unparalleled socioeconomic impact on our country. This share capital increase signals the beginning of a new era for Greece and we as AXIA are proud that we assisted Lamda Development in completing this milestone ...

Bank of Cyprus has revised its Privacy Statement concerning the processing of personal data of natural persons who are customers or potential customers of the Bank, customers’ representatives and/or beneficiaries of legal entities of customers or potential customers. The renewed Privacy Statement is available at the bank’s website, on its digital channels and at the branches of Bank of Cyprus. The Bank announced that revision of its Privacy Statement became part of its strategy to comprehensively protect personal data, in response to the requirements of Regulation (EU) 2016/679 of the European Parliament and of the Council on data protection and privacy (GDPR) and the Law providing for the Protection of Natural Persons with regard to the Processing of Personal Data and for the free movement of such data.

Cyprus-based property development company Leptos Estates in 2019 set the record of 1075 exhibitions, which the company had organized or participated in during the year, through a total of 60 countries on all the continents. Taking part in these exhibitions, the company has managed to promote its multiple activities, products and services, along with tourism attractions of Cyprus and the Greek islands of Crete, Paros and Santorini. Also, through these exhibitions Leptos Estates has created a strong network of business associates and the unique client base. The company aims to focus on the countries with strong interest in overseas investments and developments of high quality projects in coastal areas. It has already formed a strong portfolio of more than 350 projects in prestigious and exclusive locations.

The Cyprus Shipping Chamber (CSC) took part at the Senior Maritime Conference held on 2-5 December 2019 in Shanghai, China and organized within the framework of the “Marintec China 2019” International Exhibition. “Marintec China” is considered the largest maritime event in Asia Pacific, bringing together shipping professionals from the entire shipbuilding supply chain. The Conference attracts the interest of the Shipping Industry with high caliber speakers, senior government officials and key industry representatives from across the world. The Cyprus Shipping Chamber President Philippos Philis gave a presentation under the section “Innovation, Intelligence and Fusion”, focusing on developments in technology updates on major projects and trending topics in the maritime industry. The presentation was entitled: “Zero-Emissions Path: The Smart Way Forward”, and included discussion on how the shipping industry should approach decarbonization to meet the global levels of CO2 reduction ...

Cyprus company Hermes Airports received an award for volunteerism, at the fifth Cyprus Competition in Corporate Social Responsibility. The airport operator was honoured for a number of good practices and actions that were implemented to benefit Cypriot society in 2018-2019, including the initiative ‘Flying with Autism’ under the programme ‘I Can Fly’, the support provided by Hermes Airports to the Sophia Foundation, as part of the programme ‘I Cook and Offer’ for Cyprus’ children, and the company’s cooperation with the Cyprus Paraplegic Association, which aims to provide better airport access for people with disabilities. Also, it was awarded for taking part in the campaign ‘Let’s Do It Cyprus’ and its cooperation with the department of the environment to organize workshops for schools on the negative environmental impact of plastic straws. The competition was organized by the Pancyprian Volunteerism Coordinative Council and was aimed at private companies whose actions, corporate s...

In the beginning of December, Hellenic Bank Group announced financial results for the three and nine-month period ended 30 September 2019. The financial results of the Cyprus Cooperative Bank, which was acquired by the Group in September 2018 and successfully integrated, are fully consolidated, while the consolidated financial results of the Group for 2018 capture only one-month’s impact of the acquisition. According to the published results, capital ratio is 19,04% and Capital adequacy ratio of 21,53%. Hellenic Bank Group showed robust liquidity position, with a Liquidity Coverage Ratio of 537%. Loans to deposits ratio is 41,5%, and substantial deposit base comprises 89,6% of the total balance sheet. In the third quarter of 2019, Group’s net interest income was €76,0 million, and profit after taxation was €30,2 million. For nine months, Hellenic Bank Group reported Earnings per share of 25,4 cents, and Tangible Net Asset Value per share of €2,45 as at 30 September 2019. It rema...

RUSAL , the leading global aluminium producer registered in Cyprus and headquartered in Russia, published its financial results for the third quarter and nine months ended 30 September 2019. For Q3 2019, due to the record low aluminium price on the London Stock Exchange, and the decrease in the realised premiums over the LME aluminium price revenue of the company for the period decreased by 14.8 per cent and made US$2,486mln as compared to US$2,918mln for the third quarter of 2018. In the nine months period, the company’s revenue decreased by 8.8 per cent, from US$7,915mln for Q3 2018 to US$7,222mln for Q3 2019. This was partially offset by a 9.8 per cent decrease in primary aluminium sales volume. In the third quarter of 2019, EBITDA decreased to US$237mln which is a decline of 64.9% from US$676mln for the same period of 2018. In the reported three months, RUSAL continued optimization of the cost and structure of its debt portfolio through successful placement of two tranches of ...

On the European Gaming Congress held in Milan, Italy, Cyprus-based NetShop Internet Services has been shortlisted for the award in the Category "Best iGaming Service Provider 2019", by the South European Gaming (SEG) Awards which is part of the European Gaming Congress. The Conference and the Awards Final Voting will take place on November 8, 2019. The South European Gaming Awards rewards both the B2C and B2B gaming service providers for their commitment in Southern Europe, in categories including customer service, social responsibility, future thinking, and development in all verticals of the industry. George Sarris, CTO at NetShop ISP, commented on the shortlisting: “This particular conference has a significant value to the iGaming industry as it is happening towards the end of 2019; a year full of regulatory updates and announcements from new jurisdictions and upcoming legislation changes.” He also noted that “In addition to the regulatory frameworks introduced or up...

Cyprus airport operator Hermes Airports received three gold awards in two categories, at the first ever Cyprus HR Awards : “Effective Use of Coaching – Mentoring” and “Best Change Management Strategy/Initiative”, under the Learning and Development category, and “Excellence in Workplace Wellbeing”, under the Wellbeing category. The Cyprus HR Awards are organised under the auspices of the Ministry of Labour, Welfare and Social Insurance, the Cyprus Chamber of Commerce & Industry and the Cyprus Human Resources Association (CyHRΜA) , with the nominations assessed and decided upon by a panel of independent industry experts, consisting of entrepreneurs, senior business executives, state and institutional body representatives and academic professionals. The awards were received by the Chief Executive Officer of the Cyprus company and the Senior Manager Human Resources, together with the HR team . In a statement, company’s CEO said that the Cyprus HR Awards were an important step tow...

American Hellenic Hull Insurance Company (AHHIC), focused on private marine insurance industry, entered into a new cooperation with the World Maritime University (WMU), founded by the International Maritime Organization (IMO). The WMU and American Hellenic Hull Insurance Company, which is 100% owned by the American P&I Club and having its registered office in Limassol, Cyprus, signed a Memorandum of Understanding providing for cooperation in the field of marine insurance, at the Maritime Cyprus 2019 Conference and Exhibition. Among the areas of agreement there are marine insurance postgraduate diploma, professional development courses and marine insurance related events. The MOU shall have a duration of five years, and during the ceremony of signing the agreement it was welcomed by Shipping Deputy Minister of the Republic of Cyprus, President of the Cyprus Shipping Chamber, as well as CEO of American Hellenic Hull Insurance Company, and WMU President.

Orthodoxou Aviation of Orthodoxou Group of Companies presented new partnership with the Ukrainian airline SkyUp Airlines . The event, which took place in Nicosia on October 10, 2019, was attended by tour operators and media representatives, as well as the First Secretary of Embassy of Ukraine. The Honorable Deputy Minister of Tourism of Cyprus, Mr. Savva Perdios, in his speech referred to two very important issues for the Ministry of Tourism regarding the new partnerships - to establish relationships with new markets and to establish relationships with partners for whom Cyprus is an all-year-round destination. He also said that the Ministry of Tourism is making every effort to promote Cyprus as a tourism industry throughout the year, not only during the summer, and thanked both companies for creating new partnerships and helping tourism and economy of the island. The Managing Director of Orthodoxou Group, Mr. Antonis Orthodoxou, said in his comments: “After a strong start, we ar...

The University of Nicosia (UNIC) signed a Memorandum of Understanding (MoU) with the Association of Commonwealth Universities (ACU), an international organisation dedicated to bringing universities together from around the world, and having over 500 member institutions in over 50 countries. The MoU, which has international collaboration as its first purpose, was signed by the UNIC Rector, Professor Philippos Pouyioutas, and the ACU Chief Finance Officer, Caroline Harrison. In further work, the University of Nicosia will be represented by Professor Andreas Charalambous, Executive Dean of the Medical School, who said in his comments on the joint development: “Collaboration within the ACU network is an excellent fit for UNIC, which has been instrumental to the internationalisation of higher education in the wider region”. In her turn, Ms Harrison said: “I look forward to cultivating our institutional relationship and especially, the prospect of exploring the option to establish a ...

Hellenic Bank presented the “JumpStart” scholarship programme, which grants 20 scholarships to 20 students, worth €2,000 per year up to the fourth year of their studies and based on specific academic, social and economic criteria. By words of the Chairman of the Board of Directors of Hellenic Bank Evripides Polycarpou, the programme would support young people with dreams and with talent, giving them “the tools to pursue their dreams.” In the update on the scholarship programme, videos about the outreach campaigns with existing scholarships were shown, and an explanatory video on the electronic submission of the applications. The application process will take place from 1 to 30 of October 2019.

The integration process of Cyprus Cooperative Bank (CCB) and Hellenic Bank was completed this week, a year after Hellenic Bank acquired CCB in September 2018 which had become unviable after the 2013 banking crisis, because of its failure to reduce its non-performing loans. There will be no fundamental changes that will affect clients of the former CCB, and the bank assures of their smooth transfer to the “new Hellenic Bank”. The testing of the system started about a year ago, and has been intensified in the last months. All the former CCB cards will operate normally in Cyprus and abroad until they are gradually replaced. The former IBAN and BIC numbers of CCB clients will change but the previous ones still can be used. Loans of the former CCB clients will remain under the same terms.

The Bank of Cyprus puts its procedures in full compliance with the European Payment Services Directive, which requires stronger customer authentication procedures in electronic payments protection. Under the European Payment Services Directive and the provision and use of Payments Services and Access to Payment Systems Law, banks are required to implement stronger customer authentication to secure payments. In cases where payment service providers apply stronger customer authentication, they also adopt security measures that meet specific requirements. The major changes which will apply to all Bank of Cyprus digital channels will include adoption of an additional authentication measure upon subscribers’ login namely “Trust Device”. Also, the old Digipass Hardware will be terminated, and can be replaced with a new Digipass SMS or APP via Internet Banking. All these changes have the purpose to further enhance digital security of the bank and provide safe environment for banking transa...