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...

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 ...

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 ...

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...

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...

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...

The online insurance company Hellas Direct has entered into co-operation with pioneering Cyprus retailer, Superhome Center . The partnership between the companies has the purpose to provide customer access to an innovative range of home insurance products. The Chairman of the Board of the Superhome Center, Giorgos Anneliadis, said in his comments: “We are thrilled to be announcing this partnership. With its innovative products and cutting-edge technology, Hellas Direct is the perfect partner in our attempt to further customize the services and products offered by Superhome Center stores. The timing couldn’t be better: right now we are focusing on bringing new innovations that will improve the consumer’s experience and everyday life.” Hellas Direct Executive Director Alexis Pantazis commented: “We are particularly excited to be teaming up with Superhome Center… We look forward to working together and promoting home insurance products and innovative services that meet the expectatio...

The board of directors of The Bank of Cyprus made an announcement that it had appointed the new CEO of the group. Panicos Nicolaou will change in this post John Patrick Hourican, subject to approval by the European Central Bank (ECB), and will formally take the duties upon receiving the approval. The new CEO joined the bank in 2001, and since 2016, when he was promoted to the position of director of the corporate banking division, has been responsible for managing the corporate banking centres in Cyprus, the international corporate banking centre and international operations, as well as the bank’s factoring unit. Also, since 2016 he has been the member of executive committee of the bank. In the months ahead Nicolaou as CEO-designate will work closely with Hourican to support a smooth transition period.

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...

Aristo Developers , the leading company in property development and construction in Cyprus, announced the opening of its new office in Cairo, Egypt. The launch of the Egypt office, which allows the company to further expand its international sales network of branches, took place on 9 March 2019. It was attended by Ambassador of Cyprus in Cairo Mr. Charis Moritsis, Director of Aristo Developers Mrs. Christina Aristodimou, Group Sales and Operations General Manager Mr. Tasos Stavrou, Business Development Representative of Aristo Developers in Cyprus Issam Nasser, as well as media representatives, VIP guests and renowned brokerage companies. Aristo Developers has a wide network of representative offices in Cyprus, Greece, China, Vietnam, Russia and UAE; the company continues its active expansion of international activities and attracts new buyers and investors in real estate.