Bank of Cyprus
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Bank of Cyprus reports profits closer to pre-financial crisis levels
Bank of Cyprus, the island's largest lender, announced net profits of 487 million euros for the full year 2023.
This brings them closer to pre-financial crisis levels, driven by the high interest rates environment.
BoC reports strong profit in Jan-Sept
In a significant financial turnaround, Bank of Cyprus reported a notable profit of 349 million euros for the nine months ending September 30, 2023, marking a substantial improvement from the €19 million loss in the same period last year.
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Court verdict sends shockwaves to Nicosia
In a potentially precedent-setting decision in Cyprus, the Limassol District Court has upheld its initial ruling in favor of a Russian depositor at now-defunct Laiki Bank, potentially exposing the state to financial implications of up to 2-3 billion euros. The court's decision, which awarded €780,000 in compensation to the depositor, could have far-reaching consequences for Cyprus.
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BoC dips toe in CoCo market
Spain's BBVA and Bank of Cyprus reopened the market with the issuance of the first euro-denominated contingent convertible bonds (CoCo) since the rescue of Credit Suisse in March, in what is seen as an attempt to restore confidence in the banks' riskiest debt instruments.
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BoC gets on course for upgrade
S&P Global Ratings (S&P) has revised the outlook for Bank of Cyprus to positive from stable, citing the easing of funding risks, a diversified business model and substantial progress in de-risking its balance sheet.
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Bank of Cyprus to freeze assets of those sanctioned
Cypriot individuals and entities included in British and American sanctions lists will see their assets in the Cypriot banking system frozen and will not be able to carry out any banking transactions in Cyprus, Marios Skandalis, chief compliance officer at the Bank of Cyprus, the island's largest lender, has said.
Funds boost investment in Cyprus banks
Investing in Cypriot banks is becoming increasingly common.
The progress they have made in terms of the nonperforming loan burden they have shed, their capital adequacy, which is characterized as good, the profits expected as interest rates rise, and the cost cuts they have implemented have transformed them into an appealing investment target.
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NBG Pangaea buys CYREIT Variable Investment Company
NBG Pangaea Real Estate Investment Company of Greece announced the completion of its agreement last week with Bank of Cyprus Public Company Limited for the acquisition of a portfolio of properties in Cyprus, through the purchase of 100 percent of the management shares and 88.2 percent of the investment shares of Cypriot CYREIT Variable Investment Company PLC.
Cyprus top lawyer: Judges' law firm links compromise rulings
Cyprus's attorney general has weighed into a growing feud with supreme court judges, backing his lawyer brother who alleged that the judges' familial and professional links to a law firm that handled cases involving the country's biggest bank may have led to favorable rulings.
Pangaea buys Cypriot firm's property portfolio
Leading real estate investment company NBG Pangaea signed an agreement on Monday for the acquisition of a portfolio of 21 properties, mainly in Cyprus and totaling 120,000 square meters, from CYREIT Variable Investment Company Plc, a subsidiary of Bank of Cyprus.
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