Euromoney, one of the leading international magazines focused on banking, finance and financial markets, has named the Bank of Cyprus as the ‘Best Bank in Cyprus’ in its 2023 Awards for Excellence.

It should be noted that this is the eighth year that the Bank of Cyprus has received that distinction from the magazine.

“This award, for which the evaluation period ran from April 1, 2022, to March 31 2023, is particularly important for the bank as it recognises the milestones that were achieved in 2022 to complete the bank’s ten-year turnaround,” the bank said in a statement.

In its decision to award Bank of Cyprus, Euromoney cited the completion of the bank’s turnaround with the sale through Project Helix 3 of a €555 million portfolio of loans, the vast majority of which were non-performing exposures, which was capital accretive, with a net positive impact on the Bank’s capital ratios of around 50 basis points.

What is more, Euromoney also highlighted the fact that “the bank’s robust common equity tier-1 ratio of 15.4 per cent and liquid assets of approximately €12.5 billion stood alongside a net loan-to-deposit ratio of 52 per cent at the end of 2022”.

“We are particularly pleased to receive the award for the 8th year from the international, prestigious magazine Euromoney as it is a valuable recognition of the hard work and dedication of our Bank’s staff,” Bank of Cyprus CEO Panicos Nicolaou stated following the magazine’s decision to hand this award to the bank.

“As the largest financial institution in Cyprus, we continue to support the local economy, constantly improving the services and products we offer to our customers, while creating value for our shareholders,” Nicolaou concluded.

The Youth Entrepreneurship Awards in Cyprus, organised by the Stelios Philanthropic Foundation, have attracted significant interest from young entrepreneurs, according to a statement released this week.

According to the foundation, a total of 23 young entrepreneurs have submitted their applications for the “Stelios Awards for Young Entrepreneurs in Cyprus 2023.”

The competition offers an enticing prize pool of €60,000, with the top three business ideas receiving awards of €30,000, €20,000, and €10,000 respectively, which will be presented by Sir Stelios Haji-Ioannou.

The application process concluded on July 14, 2023, and participants had to be under 35 years old, of any nationality, and have established a company in the Republic of Cyprus within the last five years.

The Awards Ceremony is scheduled to take place online on Tuesday, September 12, 2023, at 14:00, where Sir Stelios Haji-Ioannou will virtually congratulate the three winners via Zoom.

The Cyprus Stock Exchange (CSE) ended Thursday, July 20 with negligible profits.

The general Cyprus Stock Market Index was at 115.06 points at 12:56 during the day, reflecting an increase of 0.07 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 69.57 points, representing a rise of 0.07 per cent.

The total value of transactions came up to €39,197.

In terms of the sub-indexes, the main index fell by 0.02 per cent, while the alternative and investment firm indexes dropped by 0.1 per cent and 1.76 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Cyprus Cement Company (-0.81 per cent), Louis PLC (no change), Hellenic Bank (+0.53 per cent), the Bank of Cyprus (+0.71 per cent), and Demetra Holdings (-1.85 per cent).