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 ...

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...