Moody’s Ratings has placed all Hellenic Bank ratings and assessments on review for upgrade, with the exception of the Prime-2 short-term Counterparty Risk Ratings (CRRs) and Prime-2(cr) short-term Counterparty Risk (CR) Assessment which have been affirmed. “This announcement reflects our strong financial performance and strategic development,” the bank said in a brief statement. Last month, … Read more
Reflect Festival, Cyprus’ flagship tech and startup festival, returned to Limassol and welcomed 9,000 entrepreneurs, investors, and tech enthusiasts in a new venue. The event marked the biggest conference ever organized in Cyprus and the most international year of Reflect so far. Attendees from 70 countries participated, including 1,500 companies and 130 governmental representatives from 20 countries. The festival featured over 150 companies in the expo, with activities like holograms, augmented reality garments, and contests. The event also included parties, sports events, and side activities around Limassol. Reflect Festival announced the launch of The Doers Company as an umbrella organization behind the event and future activities.
Increased interest income from successive interest rate hikes by the European Central Bank significantly boosted Cypriot banks’ profits in the first quarter of 2024, with the Bank of Cyprus reporting a 31% increase in net interest income and Hellenic Bank seeing a 40% rise.
Hellenic Bank announced first quarter profits of €93.3 million, up 34% year on year, but 25% below the previous quarter. Net interest income rose to €151 million, up 40% year on year. The bank has reached agreements for the renewal of a labor collective agreement and to strengthen its insurance operations. New lending in the first quarter reached €208 million, with a focus on retail customers. The bank has a liquidity coverage ratio of 580%.
The Green Agenda Cyprus Summit highlighted the vision and actions necessary for the green transition of the Cypriot economy. Hellenic Bank is committed to achieving carbon neutrality by 2050 and has set clear goals and indicators to reduce its environmental footprint. The bank offers specialized green products to combat climate change and improve energy efficiency. Cyprus Agriculture Minister introduced a pilot program for green roofs, and the Energy Minister expressed caution regarding hydrogen usage. European Commissioner for Climate Action emphasized Cyprus’ potential in renewable energy and the importance of investments in sustainable transport. European Commissioner for Health and Food Safety highlighted the health impacts of the climate crisis, including heatwaves and air pollution.
Eurobank Holdings released its financial results for the first quarter of 2024, showing significant growth and robust performance. Adjusted net profits in Cyprus and Bulgaria improved substantially, with Cyprus reaching €92 million.
Fact: Tornaritis is not very popular among Disy supporters because of his two-faced role in the last presidential elections.
Hellenic Bank will release its quarterly financial results for the year 2024 on May 24.
Hellenic Bank’s takeover of CNP Assurances’ regional operations will allow it to dominate the local insurance market, giving it a 30% share of the life insurance market and a 23% share of the general insurance sector.
– Moody’s has given a positive assessment on Hellenic Bank’s move to acquire CNP Insurance in Cyprus and Greece.
– The acquisition will position Hellenic Bank Group as the leader in the Cypriot insurance market.
– The acquisition price of €182 million is expected to be recovered through retained earnings.
– The agreement is likely to include the 330 CNP employees.
– The potential acquisition will strengthen Hellenic Bank’s activities in the life insurance and general insurance sectors.
– The transaction will enhance the diversification and sustainability of Hellenic’s profitability.
– The combination of insurance activities will result in synergies and create opportunities for product distribution.