cyprus business — cyprus business — Cyprus is witnessing significant changes in its business landscape, highlighted by the upcoming Eurobank merger and rising employment figures. Hellenic Bank and Eurobank Cyprus have announced a unified schedule of rights and charges, set to take effect on November 3, 2025. This merger, which officially commenced on September 1, 2025, aims to streamline banking services while reducing costs for customers.
Cyprus business: Unified Rights and Charges for Customers
The merger between Hellenic Bank and Eurobank Cyprus is a pivotal moment for the banking sector in Cyprus. The unified schedule of rights and charges has already been published on the banks’ websites, signifying a commitment to improved service delivery. Officials from Hellenic Bank stated, “The new name reflects the shared vision, dynamism and innovation that characterise the Eurobank Group, mirroring the strategy of the unified organisation for sustainable growth and a customer-focused approach.”
Employment Figures Show Positive Growth
Recent statistics from the Statistical Service (Cystat) reveal that employment in Cyprus rose by 1.8% in the second quarter of 2025 compared to the same period in 2024. Total employment reached 508,291 individuals, comprising 455,484 employees and 52,807 self-employed workers. The sectors seeing the most notable growth include information and communication, wholesale and retail trade, and accommodation and food service activities.
Bank of Cyprus Evaluates Expansion into Greece
The Bank of Cyprus (BoC) is currently assessing the feasibility of establishing a representative office in Greece, a strategic move that could enhance its corporate lending capabilities. According to Philenews, the bank’s management is considering this expansion as part of its broader strategy to increase its presence in the Greek market. However, no final decision will be made before the end of this year.
CySEC Takes Action on Investment Firms
The Cyprus Securities and Exchange Commission (CySEC) has recently withdrawn the investment firm licence for Fibo Markets Ltd, which voluntarily renounced its authorisation. Additionally, the membership of Oasis Wealth Management Ltd, The Alternative GMI Ltd, Itrade Global (CY) Ltd, and Viverno Markets Ltd in the Investors Compensation Fund (ICF) has also been terminated. CySEC clarified that this loss of membership does not affect the rights of clients covered under the compensation scheme for operations conducted prior to the withdrawal.
Introduction of Accrual Accounting in Public Finance
Accountant General Andreas Antoniades informed the House public expenditure committee that the treasury plans to implement accrual accounting for revenue and expenses on an unofficial basis starting in 2025. This new system, which aims to enhance transparency and accountability, will record revenues in the financial year they pertain to and expenses when incurred, rather than when cash movements occur. A pilot implementation will take place during 2025 and 2026.
Fluctuation in Industrial Producer Prices
Industrial producer prices in Cyprus experienced a slight decline of 0.2% in July 2025 compared to June. Annually, there was a 1.2% decrease in prices from July 2024. This drop follows a previous increase of 0.3% in June, indicating volatility in the industrial sector. In contrast, Eurozone industrial producer prices rose by 0.4% during the same period.
Insurance Sector Engages in Tax Reform Dialogue
The Insurance Association of Cyprus (Saek) is actively participating in discussions regarding the forthcoming tax reform. During a meeting with Tax Commissioner Soteris Markides, the association emphasised the importance of regulations that promote transparency and fairness while supporting the competitiveness of the insurance sector. Saek expressed a commitment to contributing constructively to the public dialogue.
New Fees for Financial Entities Under DORA
CySEC has released a new policy statement detailing fees that financial institutions will incur under the EU’s Digital Operational Resilience Regulation (DORA). The annual supervision fees will range from €2,000 to €20,000, based on the size of the entity, while a €20,000 assessment fee for threat-based penetration testing has also been established. These fees reflect stakeholder feedback from the recent public consultation.
Road Freight Transport Shows Modest Increase
Statistics for road freight transport in Cyprus during the first quarter of 2025 indicate a 0.2% increase in the total weight of goods transported compared to the same period in 2024. Additionally, freight transported to and from Cyprus saw a notable rise of 6.4%, reflecting a positive trend in logistics and trade.
Support for Electric Vehicles in Cyprus
The Road Transport Department has announced that grants for category C9 electric vehicles will be available online from 9am on September 10. The €9,000 grant is aimed at encouraging the purchase of used electric vehicles with zero CO2 emissions, although vehicles already registered before the application date will not qualify.
Wizz Air Resumes Flights to Abu Dhabi
Budget airline Wizz Air has confirmed it will resume flights from Larnaca to Abu Dhabi starting November 15, 2025. The airline expressed excitement about returning to the route, which will operate four times weekly on Tuesdays, Thursdays, Saturdays, and Sundays, with fares starting from €24.99, thus enhancing travel options in the region.
Demetra Holdings Completes Share Buyback
Demetra Holdings Plc has announced the successful completion of a share repurchase, adhering to regulations set by the Cyprus Stock Exchange and CySEC. The buyback of 9,000 shares at an average price of 1.70 cents was executed following approval from the annual general meeting held on June 24, 2025.
