Future for shock-absorbing bank debt uncertain in Credit Suisse aftermath
As the dust settles on a surprise move by Switzerland to write down $17 billion of bonds under Credit Suisse’s rescue, the market for debt designed as a shock absorber ...
Hellenic Bank completes Project Starlight, reduces NPE ratio to 3.6 per cent
Hellenic Bank this week released a statement announcing the completion of Project Starlight, which refers to the sale of a non-performing exposures (NPE) portfolio, combined with the sale of APS ...
Cyprus investment sector stable, assets reach €9.5 billion
The Cyprus Securities and Exchange Commission (CySEC) this week released its quarterly report for the fourth quarter of 2022, which highlights the current state of the collective investments sector in Cyprus.
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Signs of pain as easy cash era ends are growing
The easy-cash era is over and markets are feeling the pinch from the sharpest jump in interest rate in decades.
The collapse of US-lender Silicon Valley Bank (SVB) in early ...
Banking turmoil means recession fears are creeping back
The failures of US lenders Silicon Valley Bank (SVB) and Signature Bank, followed by Credit Suisse’s rescue, and the ensuing turmoil in world markets have re-ignited the recession risks ...
Cyprus Business Now
Total deposits in Cyprus recorded a net increase of €357.1 million in February 2023, compared to the previous month, with their balance amounting to €51.9 billion, according to a report released this week ...
Cyprus 4.0: Christina Themistocleous
As Head of the Deloitte Academy, and member of the faculty team of the EMEA Deloitte University, Christina Themistocleous is responsible for developing strategic plans, which promote innovation through learning, ...
French prosecutors search banks over alleged dividend stripping
French authorities on Tuesday searched the Paris offices of five banks, including Societe Generale (SOGN.PA), BNP Paribas (BNPP.PA) and HSBC (HSBA.L), on suspicion of fiscal fraud, part ...
Cyprus Business Now
The Republic of Cyprus is looking for investors to issue a sustainable bond, the Financial Director of the Public Debt Management Office, Phaidonas Kalozois, said this week.
Kalozois had been ...
Banking rebound remains fragile as regulators review response to failures
Investor confidence in the banking sector remained fragile on Tuesday, with the European Central Bank (ECB) saying recent volatility highlighted the need for greater regulatory scrutiny.
European bank stocks (.SX7...
Interest rates on loans ‘are not going down’
MPs on Tuesday urged the government to do something about rising interest rates, particularly to shield vulnerable borrowers and prevent bad loans from proliferating – although none had a clear idea ...
After SVB sale, White House says banking system is ‘safe’
The White House said on Monday that the US banking system is safe despite stress on some institutions after two American banks collapsed, ratcheting up fears of a contagion that ...
Cyprus 4.0: Ugne M. Buračienė
Ugne M. Buračienė began her work in FinTech 15 years ago at a software and technology company. Since then, she was worked incredibly hard to become recognised as a thought ...
US banking concerns shift from crisis to growth woes
After the collapse of two US banks and record outflows from smaller lenders, the banking industry is shifting its concern from an immediate crisis to a medium-term worry: economic growth.
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How First Republic’s courtship of the wealthy led to meltdown
First Republic Bank (FRC.N) became the epicentre of the US regional banking crisis after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left ...
Finance minister calls on banks to amend lending rates, reduce charges (Updated)
Finance Minister Makis Keravnos on Monday said he has issued ‘strong advice’ to commercial banks to focus on loan restructuring for distressed borrowers, as well as to increase deposit rates ...
SVB deal soothes broader markets, but default stress haunts banks
A buyer for large chunks of Silicon Valley Bank’s deposits and loans helped cast an uneasy calm over fragile markets on Monday, which have been roiled by worries of ...
Turmoil in the financial sector and Cypriot banks
By Ioannis Tirkides
Surely the collapse of Silicon Valley and Signature banks in the United States, and even the takeover of Credit Suisse by UBS, have idiosyncratic elements that led ...
Consequences of persistent inflation and monetary policy
By Andreas Charalambous and Omiros Pissarides
With the easing of the pandemic and the gradual reactivation of economies, rising inflation was initially perceived as a transitory phenomenon. The authorities’ underestimation ...
Deposit rates to rise but not just yet
Banks have been criticised for being slow in responding to the recent ECB interest rates hike
Cyprus’ main banks are set to increase interest rates on deposits this year after ...
Cyprus’ non-performing loans drop to 9.5 per cent of total loans in 2022
Non-performing loans in Cyprus decreased to 9.5 per cent of total loans at the end of 2022, according to a report published this week by the Central Bank of Cyprus.
This marks ...
Bank of Cyprus detects and foils attempts at unauthorised transactions
The Bank of Cyprus on Saturday released a statement saying that it has detected numerous attempts to carry out unauthorised transactions, through cards of various banks, using online merchants, which ...
Cyprus Business Now
Deputy Minister of Tourism Costas Koumis this week visited the Limassol regional tourism board (Etal), pledging to provide solutions to longstanding issues in the district.
The meeting, which also saw ...
Central Bank revises projected growth for 2023 to 2.6 per cent
The Central Bank of Cyprus (CBC) on Friday announced that it has slightly increased its estimates for economic growth in 2023, citing a more positive external environment and expected lower energy ...