FINANCE

BOC Asset Management launches first mutual fund

Bank of Cyprus (BOC), the island’s largest lender, said that its BOC Asset Management (BOCAM) unit launched operations on December 1, with the introduction of a mutual fund. The BOC European Equity [...]

BY Elena Economou
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Jan 13 2018

EIB signed new loan agreements with CCB and Hellenic Bank

The European Investment Bank (EIB) signed yesterday with Hellenic Bank and the Cyprus Cooperative Bank (CCB) two new loan agreements of €40 million and €25 million respectively aiming to provide C [...]

FINANCE
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BY Elena Economou
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Jan 12 2018

EIB to grant loans of €65m to Cyprus Cooperative Bank and Hellenic Bank

The European Investment Bank (EIB) will sign new loan agreements with the Cyprus Cooperative Bank and Hellenic Bank amounting to €25 million and €40 million respectively. The loan agreements, unde [...]

FINANCE
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BY Elena Economou
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Jan 10 2018

Economic sentiment indicator deteriorated in December

The Economic Sentiment Indicator in Cyprus deteriorated as the Economic Sentiment Indicator (ESI-CypERC) decreased in December 2017 by 3.4 points compared with November 2017 declining to 118.9 units.H [...]

FINANCE
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BY Elena Economou
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Jan 08 2018

Liquidity in economy improves in November, central bank says

Total loans rose in November by €32.6m in a month to €52.1bn after falling by €110m in October. The increase in loans was mainly on €87.5m in fresh credit extended to corporations in November [...]

FINANCE
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BY Elena Economou
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Jan 03 2018

Co-op aims at NPL reduction enabling €300m IPO inflow

The bank, over 99 per cent of it government owned and recapitalised in 2014 and 2015 with almost €1.7bn, is working on a listing on the Cyprus Stock Exchange to prepare for an initial public offer ( [...]

FINANCE
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BY Elena Economou
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Dec 22 2017

Third quarter GDP rises 0.9 per cent

Seasonally adjusted GDP rose by 0.6 per cent in both the euro area (EA19) and the EU28 during the third quarter of 2017, and by 0.9 per cent in Cyprus compared with the previous quarter, according to [...]

FINANCE
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BY Elena Economou
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Dec 08 2017

BOCH: Deal with Pepper for €800 mn NPLs

The Board of the Bank of Cyprus (the “Bank”) has approved the engagement of Pepper Cyprus Limited (“Pepper”), a fully owned subsidiary of Pepper Europe (UK) Limited, to assist the Bank in reso [...]

FINANCE
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BY Elena Economou
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Dec 04 2017

Co-op posts net loss of €63m in first nine months as police completes probe

The bank, which in 2014 and 2015 received almost €1.7bn in taxpayers’ money in the form of capital injection, reported a drop in non-performing loans which declined to €6.7bn from €7.2bn in De [...]

FINANCE
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BY Elena Economou
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Nov 30 2017

EBA: Increase in coverage will reduce NPLs

European Banking Authority (EBA) expects that the increase in coverage ratios in Cyprus may lead to a higher reduction in Non Performing Loans (NPLs) in the following quarters, something that was also [...]