RCB sells big loan portfolio to Hellenic Bank
RCB Bank on Tuesday announced that it has agreed to the sale of a performing loan portfolio to Hellenic Bank, including any related funds on the accounts belonging to the ...
Russia faces a raft of external debt payments
Russia is due to make another dollar-denominated payment to bondholders on Monday after last week defying fears it might not be able or willing to do so, following Western countries’ ...
Cyprus Business Now
Hellenic Bank announced on Monday the successful completion of a conference it held during the previous week to support small-to-medium-sized enterprises (SMEs), with participants having had the opportunity to share ...
HSBC buys virtual plot of land in digital push
HSBC (HSBA.L) is buying a plot of virtual real estate in an online gaming space called The Sandbox for an undisclosed sum, the bank’s first major foray into ...
Cyprus Business Now
The Cyprus Investment Promotion Agency (Invest Cyprus) on Friday announced that its national stand had a great presence at one of the most important European real estate exhibitions, MIPIM (Marche ...
Russians have up to $213 billion stashed offshore in Swiss banks
Switzerland’s secretive banks hold up to $213 billion of Russian wealth, the country’s financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults.
The ...
Russian sovereign bond payment received by JPMorgan and processed
Coupon payments on Russian sovereign bonds due this week were received by correspondent bank JPMorgan (JPM.N), processed and the bank then made an onwards credit to the paying agent ...
BoC says it has ‘limited direct exposure’ to Russia
The island’s largest lender said Thursday it has no banking operations in either Russia or Ukraine, having wound down its business there years ago.
In a statement released through ...
Fed hikes rates, signals aggressive turn against inflation
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and projected its policy rate would hit a range between 1.75% and 2% by year’s end ...
Can Russia pay its creditors, and what happens if not?
Russia is due to pay $117 million in interest on two dollar-denominated sovereign bonds on Wednesday – the first such payments since its invasion of Ukraine which sparked a raft of sanctions ...
Sanctions-savaged Russia teeters on brink of historic default
The economic cost of Russia’s assault on Ukraine was fully exposed on Wednesday as Vladimir Putin’s sanctions-ravaged government teetered on the brink of its first international debt default ...
Bank of Cyprus recognised for asset management services
International magazine Global Banking & Finance Review on Tuesday named the Bank of Cyprus’ asset management division (BOCAM) as the best asset management company in Cyprus.
The award was given ...
Hellenic Bank has little direct exposure to Russia
Hellenic Bank on Tuesday announced that it has negligible direct exposure to Russia, while its indirect exposure through any adverse effects on the Cypriot economy hinges on a number of ...
Turkey to keep policy rate at 14 per cent despite energy surge
Turkey’s central bank is expected to hold its policy rate at 14 per cent this week, a unanimous Reuters poll showed on Monday, despite the Ukraine conflict and soaring energy ...
JPMorgan to resume hiring unvaccinated individuals, drop mask mandate
JPMorgan Chase & Co (JPM.N) will resume hiring unvaccinated individuals from April 4, the bank said in an internal memo seen by Reuters on Monday, as it looks to ease ...
Russia warns it may be forced to pay FX debt in roubles due to sanctions
Russia’s finance ministry said on Monday it had approved a temporary procedure for repaying foreign currency debt, but warned that payments would be made in roubles if sanctions prevent ...
Brazil central bank announces tougher rules for fintechs
Brazil’s central bank announced tougher rules for fintechs on Friday, saying that payment institutions will be subject to regulations based on their size and complexity and raising standards for ...
Deutsche Bank bucks trend as it maintains ties to Russia
Deutsche Bank (DBKGn.DE) said it was not withdrawing completely from Russia, drawing anger from investors and contrasting with Wall Street banks which are severing ties with the country over ...
S&P downgrades RCB because of sanctions (updated)
Rating agency Standard & Poor’s on Thursday downgraded RCB Bank’s long-term issuer rating from BB- to B+ and placed the bank on negative watch, citing the lack of ...
Hellenic Bank and Etyk talks end in deadlock
The discussion between Hellenic Bank and the Cyprus Union of Bank Employees (Etyk) have broken down, resulting in the bank now seeking mediation from the Department of Labour Relations.
“It ...
Cyprus Business Now
RCB Bank announced on Tuesday that it has donated €50,000 to the Cyprus Red Cross Society (CRCS) in support of the organisation’s relief and humanitarian efforts on the ground for ...
Sovereign wealth funds likely to shun Russia, researcher says
Middle Eastern and Chinese sovereign wealth funds are likely to avoid new deals in Russia for now after its invasion of Ukraine, said the author of a report published on ...
Russian rouble hits new record low in thin offshore trade
Russia’s rouble tumbled to a fresh record low in thin offshore trade on Monday, with local markets closed for trading until at least Wednesday.
The rouble weakened to 133.5 to ...
Confusion, but not panic, reigns in global finance in Russia’s wake
Western allies’ sanctions against Russia have started to blowback in the form of large potential losses for their own banks, companies and investors, often in unexpected ways. In the past, ...