Business & economy wrap-up from the day before
Bank of Cyprus shareholders approved all resolutions, re-elected the management team and confirmed a €0.50 per share dividend.
The bank said shareholders granted full approval for all proposals tabled by the board, including the financial statements for 2025 and the distribution of a final dividend of €0.50 per share.
Immediately after the meeting, the board of directors was reconstituted, with Takis Arapoglou re-elected as chairman, George Syrichas appointed vice-chairman and Adrian Lewis named senior independent director.
During his address, group chief executive officer Panicos Nicolaou said 2025 represented another strong year for the bank, pointing to €481 million in profitability and a return on tangible equity of 18.6 per cent supported by a CET1 capital ratio of 21 per cent.
The minister delivered his remarks in Nicosia during a keynote address at the “Shaping Europe’s Growth and Competitiveness” conference.
The event was organised by the Institute of Chartered Accountants in England and Wales (ICAEW) along with the Institute of Certified Public Accountants of Cyprus (ICPAC).
The minister told the conference that Europe stands at a decisive crossroads, shaped by a rapidly evolving global environment.
“We operate in an environment shaped by geopolitical instability, technological disruption, the climate transition, energy uncertainty and increasingly intense global competition,” he said.
“However, despite these challenges, Europe has significant advantages,” he added.
Operating across 190 countries, the group currently serves more than 20 million clients in over 30 languages through an extensive network of regulated entities and advanced technological infrastructure.
The organisation offers comprehensive access to international financial markets, enabling the trading of Contracts for Difference (CFDs) across asset classes including foreign exchange, indices, commodities and shares.
This strong market presence is reflected in the fact that the company is among the most highly awarded brokers globally, having secured a total of 53 awards since its inception.
Recent accolades include being named the best Forex Broker in Europe, Australasia and the Middle East, as well as being recognised as the broker with the best customer service on a global scale.
The event, organised by the Institute of Chartered Accountants in England and Wales( ICAEW), along with the Institute of Certified Public Accountants of Cyprus (ICPAC), placed the Cyprus EU Presidency agenda, economic competitiveness strategy and regional connectivity ambitions at the centre of discussions.
Speaking at the conference on behalf of the president Christodoulides, Deputy Minister to the President Irene Piki said that Cyprus intends to contribute substantially to a European agenda focused on competitiveness, resilience and economic security and autonomy.
The gathering allowed stakeholders to evaluate these strategic goals amidst a backdrop of geopolitical uncertainty and rapid technological change.
She stated Europe is operating in an environment shaped by geopolitical instability, technological disruption and accelerating green and digital transitions, adding that the need to strengthen economic resilience and competitiveness has never been more urgent.
“This discussion is central to Europe’s future. It concerns our ability to attract investment, support innovation and ensure sustainable growth in an increasingly competitive global environment,” Piki said.
The agreement, formalised through a memorandum of understanding (MoU), was signed at the chamber’s offices in Nicosia.
The MoU was signed on behalf of Keve by secretary general Philokypros Roussounides and on behalf of CITEA by president George Malekkos.
The agreement is designed to promote the digital transformation of the economy, support businesses, particularly small and medium-sized enterprises, and enhance innovation, extroversion and competitiveness.
Ask Wire analysed the 50 highest-value property sales completed between January and March, as well as their distribution across Cyprus’ districts.
The 10 largest transactions alone reached €83.9m, with the most expensive sale involving a building and six adjacent fields in Moni, in the Limassol district, which changed hands for €19.7m.
Among the top 10 deals, Paphos accounted for five transactions, followed by Limassol with four and Larnaca with one, pointing to the continued strength of coastal districts in attracting large-scale property investment.
At the same time, the broader ranking showed an even stronger concentration in Limassol. The district accounted for 29 of the 50 most expensive transactions, with a combined value of €107.2m.
The workshop, titled ‘Getting to know the world of shipping’, gave pupils the opportunity to learn how shipping affects everyday life, while also offering a first look at the wide range of professions linked to the maritime sector.
Deputy Minister of Shipping Marina Hadjimanolis, who attended the event, spoke to the children about the role of shipping in daily life, noting that “90 per cent of the products we have in our homes arrived by ship”.
She also referred to Cyprus’ standing as an international maritime centre, saying that although the island is a small country, “it is a pioneer in shipping and is one of the largest shipping countries in the world”.
According to the official data, total road freight transport in Cyprus rose sharply during the period from October to December 2025.
The figures showed that the total weight of goods transported by road in Cyprus increased by 19.4 per cent year-on-year compared to the corresponding period of 2024.
At the same time, the weight of freight transported from and to Cyprus also recorded a notable rise.
Specifically, cross-border road freight movements increased by 14.2 per cent year-on-year in the fourth quarter.
The guide, titled “Building Personal Financial Independence in the Digital World,” was released as part of the regulator’s broader efforts to enhance public awareness and promote safer participation in modern financial markets.
“This practical guide aims to support individuals in building financial security, making informed investment decisions, and navigating modern digital financial markets,” the commission said.
CySEC explained that the initiative forms part of its participation in the Global Money Week 2026 campaign, coordinated by the Organisation for Economic Co-operation and Development, underscoring its commitment to improving financial education across Cyprus.
The regulator emphasised that financial literacy has become a critical life skill, as more people manage their finances through digital platforms rather than traditional channels.
According to an announcement on Friday, these buyback transactions were carried out in accordance with the relevant regulations of the Cyprus Stock Exchange (CSE) and the circulars of the Cyprus Securities and Exchange Commission.
Moreover, the company acted under the specific authorisation granted by the annual general meeting held on June 24, 2025.
All seven thousand shares acquired during the day were purchased at a uniform price of €1.55 per share.
The company confirmed that the approved dividend amounts to €0.0177 per share, based on a nominal value of €0.02 per share.
The dividend corresponds to a yield of approximately 5.75 per cent, calculated on the average closing price of the share on May 13, 2026.
The threshold crossing occurred on May 12, 2026, as confirmed in a standard TR-1 notification of major holdings submitted to both the company and the Central Bank of Ireland.
Prior to the transaction, Eaton Vance Management held a 3.11 per cent stake in the Bank of Cyprus.
Following the disposal, the firm’s position now stands at below 3 per cent of total voting rights, falling under the key disclosure threshold set by regulatory rules.
Under the new rules, operating aid (which covers day-to-day costs like staffing and maintenance) will be restricted to airports with fewer than one million yearly passengers.
The commission assumes that airports exceeding this traffic volume should be self-sustaining, though a five-year transitional period is proposed for those between 500,000 and one million passengers to recover from recent energy and health crises.
Small hubs with fewer than 500,000 passengers will benefit from a block exemption, meaning they can receive support without prior notification to Brussels, as their impact on EU competition is deemed minimal.
Importantly, these proposed subsidies will not apply to the primary gateways of the Republic of Cyprus, as both major airports significantly exceed the eligibility thresholds.
Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel), the Deputy Ministry is currently in consultations with the Finance Ministry over the project concept note it has submitted for the development, which is now under review by the relevant department.
According to the Shipping Deputy Ministry, efforts are being made to move the project forward as quickly as possible, with approval from the Directorate General Growth of the Finance Ministry expected within about a month.
The relocation is considered particularly important, as the Deputy Ministry’s services are currently housed in different buildings which no longer adequately meet its operational needs.
The two-day international event is scheduled to take place at the Syggrou Estate in Marousi through June 9, 2026, acting as a hub for cross-border collaboration.
According to an announcement from the Cyprus Chamber of Commerce and Industry (Keve), which acts as the coordinator of the EEN on the island, the summit will bring together academics, researchers, and entrepreneurs from the three participating nations and the wider region to strengthen professional partnerships.
A primary objective of the gathering is to support the development of competitive project consortia capable of securing major European Union funding across several key programmes.
The bank confirmed that the results announcement will take place at 08:00, accompanied by a press release to be published on its website and on the platform of Euronext Athens.
This will be followed by a conference call at 12:00 for analysts and institutional investors, providing further insight into the bank’s financial performance.
Additional details regarding participation will be communicated at a later stage to interested parties, the bank said.
Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel), Armeftis said the project, which was initially scheduled to be delivered in early May, is now expected to be completed by June 15.
The main difference in the new layout of the historic square in central Limassol, he said, is that the stairs have been removed, creating a single unified surface.
The road in front of the Rialto Theatre is currently being completed, while the new design has also improved the connection between the theatre’s stairs and the square.
At the same time, the square’s kiosks, which had previously fallen into a state of deterioration, are being reconstructed.
As the kiosks are listed buildings, the municipality worked with the relevant department and decided to rebuild them, a development which contributed to the delay in the project.