Eurobank is considering establishing a representative office in Tel Aviv to strengthen its support for Israeli businesses and investors, as Cyprus seeks to build on closer economic ties with Israel and its growing role as a European business and investment hub.

The prospect was raised during the 8th Cyprus-Israel Business & Investment Summit, held in Tel Aviv this week, with the participation and support of Eurobank.

The conference brought together entrepreneurs, investors and institutional representatives from both countries, at a time when bilateral relations are expanding across trade, investment, energy, tourism, services, technology and innovation.

Eurobank was represented by Deputy CEO Andreas Petsas, while Senior General Manager Stefanos Kassianides addressed the conference, emphasising the importance of cooperation between the two countries.

In particular, Kassianides stressed that Cyprus and Israel, by making use of their complementary advantages, could serve as a natural bridge between Europe and the wider region.

He also drew attention to the important role that businesses, investors and financial institutions could play in taking advantage of new opportunities arising from greater regional connectivity and initiatives such as the India-Middle East-Europe Economic Corridor (IMEC).

Speaking about the relationship between the two countries, Kassianides said that “the business relationship between Cyprus and Israel has strengthened significantly in recent years, based not only on the geographical proximity of the two countries but also on the strong economic, commercial and institutional ties that connect them”.

He went on to point out that “the complementary strengths of the two economies create strong prospects for even closer cooperation between their business communities, while Cyprus serves as a natural gateway to the European Union and the wider region”.

It was in this context that Kassianides referred to Eurobank Group’s international presence and strategic development, revealing that the bank is examining the possibility of establishing a representative office in Tel Aviv.

The move would further strengthen its ability to support Israeli businesses and investors in their international activities.

The opportunities offered by Cyprus’ financial sector were also discussed during the summit, with Panayiotis Chrysostomou, manager of banking services and representative offices at Eurobank, taking part in a panel discussion on the country’s banking and investment services.

During the discussion, Chrysostomou outlined the opportunities Cyprus offers in these areas, placing particular emphasis on the role of the country’s financial institutions in supporting Israeli businesses and investors.

As he explained, “the role played by Cyprus’ financial institutions and banks, as stable and financially sound partners of Israeli businesses and investors, is of central importance to successfully capitalising on the prospects arising from their expansion into the European Union market, as well as the opportunities within the broader economic corridor connecting Asia and the Middle East with Europe, through Israel, Cyprus and Greece”.

Beyond its participation in the summit, Eurobank also supported a reception hosted by Cyprus’ ambassador to Israel, Cornelius Corneliou, to mark the 66th anniversary of the independence of the Republic of Cyprus.

The bank said its involvement reaffirmed its active role in strengthening cooperation between the Cypriot business community and international investment institutions.

The Bank of Cyprus has completed its acquisition of performing loans worth approximately €130 million and deposits of around €440 million from the Cyprus Development Bank (CDB), following the receipt of all required regulatory approvals, the two banks announced on Wednesday.

The transaction, agreed in March, covers substantially all of CDB’s performing loans and deposits, together with certain other assets and liabilities, and was completed at a price close to their book value.

The consideration was nearly at par, with the total estimated discount on the assets transferred amounting to approximately €2.8 million, according to CDB.

Any balancing amount arising from the transaction was settled in cash, the banks stated.

Bank of Cyprus Holdings said the acquisition was expected to have a modest positive impact on the group’s income statement, while its effect on capital would be limited to approximately 30 basis points.

The group said the transaction had been executed on normal commercial terms and was aligned with its strategy of expanding its performing loans and deposit base over the medium term.

It added that the acquisition would strengthen its customer base and reaffirmed its strategic priority of pursuing both organic growth and acquisitions to deliver attractive and sustainable returns while creating value for shareholders.

For CDB, the transfer was described as an appropriate step that took into account the interests of its stakeholders, including depositors, creditors, bondholders and shareholders.

Arrangements have been implemented to ensure continuity in customer servicing, CDB said.

The Cyprus Development Bank further stated that it will continue to service and manage the assets and liabilities excluded from the transaction, including its Tier 2 subordinated bonds, in accordance with their existing terms and conditions.

Following completion, CDB’s activities will focus on managing and servicing its remaining assets and liabilities.

Both banks confirmed that the transaction did not relate to or affect the interests of their respective company secretaries or any designated persons under the relevant provisions of Cyprus’ securities and stock exchange legislation.

Bank of Cyprus Holdings said it had been advised on the transaction by KPMG Limited as financial adviser and Hadjianastassiou Ioannides LLC as legal and competition counsel.

On their part, CDB said it had received legal advice from Antis Triantafyllides & Sons LLC.

Customers to continue using CDB services during transition

In a separate announcement, the Bank of Cyprus said the affected accounts had been legally transferred to the bank, but their technical integration into its systems would take place at a later stage, at the end of a transitional period.

The bank welcomed CDB’s customers and thanked its existing customers for their continued trust.

It said it was working to ensure that the transition and technical integration of the accounts took place as smoothly and securely as possible, while maintaining uninterrupted customer service.

Customers’ day-to-day banking arrangements will remain unchanged during the transitional period, and they will not need to take any action at this stage, the bank said.

Customers will continue to be served through CDB’s branches and electronic banking channels, while their existing CDB accounts, international bank account numbers (IBANs) and debit cards will remain valid.

Standing orders, direct debits and payments, including salary payments, will also continue to operate normally.

What is more, loan repayments will continue through CDB using the existing arrangements, and the main terms and conditions of outstanding loans will remain unchanged.

There will also be no immediate changes to interest rates on deposit accounts, the Bank of Cyprus said.

Once the technical transition has been completed and the relevant products begin to be serviced directly through the Bank of Cyprus’ systems, customers will be informed in advance.

The bank said it would provide guidance on any new account details and IBANs, replacement cards and instructions for accessing its digital banking services, wherever necessary.

Further information is available through the Bank of Cyprus’ dedicated CDB customer information page.

Alpha Bank purchased 1,157,429 of its own shares for €4.88 million during the week ending October 16, as part of its ongoing share buyback programme, the lender has announced.

The shares were traded on Euronext Athens between October 12 and October 16, at an average purchase price of €4.2187 per share, with the total consideration amounting to €4,882,845.72.

The bank’s announcement, published on October 20, follows an earlier update dated July 31 and relates to a buyback programme approved by its annual general meeting on June 26, 2026.

The transaction details listed in the announcement record the purchase on October 15, when all 1,157,429 shares were acquired at an average price of €4.2187.

The shares were purchased at prices ranging from €4.199 to €4.24.

Following the latest purchases, Alpha Bank holds 15,758,061 of its own shares, representing 0.70 per cent of its total share capital.

Greek banks are among Europe’s strongest performers in reducing credit risk costs, although their levels remain among the highest on the continent, according to an analysis by Morningstar DBRS warning that renewed interest rate pressures could test lenders over the next 12 to 18 months.

Greece, Italy, Spain and Portugal have recorded the sharpest reductions since 2024, continuing a trend that began in 2022, the agency reported this week.

The average European banking sector cost of credit risk fell to 25 basis points in the first half of 2026, from 30 basis points in 2025, 28 in 2024, 36 in 2023 and 49 in 2019.

Among Greece’s four largest banks, the National Bank of Greece recorded the lowest credit risk cost, followed by Piraeus, Eurobank and Alpha Bank.

Despite the improvement, Greek and Spanish banks continue to report the highest aggregate credit risk costs among the countries examined, followed by British and French lenders.

The analysis found signs of a possible reversal, with 29 of the 53 banks in its sample reporting higher credit risk costs in the first half of 2026 than in 2025, while only six recorded net reversals of provisions.

Credit costs continue to decline in southern Europe and Ireland, but have started rising in northern and central Europe, including Britain, France, the Netherlands and Sweden.

In Austria and Belgium, credit risk costs almost doubled in the first half of 2026 compared with 2025, although the Austrian increase was largely attributed to Erste and changes to provisioning models following its acquisition of Santander Polska.

Morningstar DBRS said the deterioration in asset quality expected after the 2022-2023 interest rate increases had not materialised, with credit losses remaining limited even after the European Central Bank’s key rate peaked at 4 per cent.

It attributed this resilience to stronger bank balance sheets, tighter lending standards, lower household borrowing and robust employment, while pressure was concentrated in commercial property, highly indebted businesses and selected sectors.

However, the agency expects credit risk costs to rise moderately over the next 12 to 18 months amid renewed interest rate and inflation pressures, geopolitical uncertainty, potential energy supply disruptions linked to the Middle East and slower economic activity.

European banks are considered sufficiently capitalised, liquid and profitable to absorb a potential increase in credit losses, but Greek lenders face the challenge of continuing to converge towards lower European credit risk levels.

Artemis Credit Bureau, a subsidiary of the Association of Cyprus Banks (ACB), has helped introduce standardised environmental, social and governance (ESG) assessments to Cypriot businesses through an international platform designed to support sustainable finance, the association said on Tuesday.

The initiative centres on Synesgy, an ESG assessment platform developed by the international CRIF group, which allows companies to evaluate their sustainability performance and that of their supply chains.

The association explained that Artemis had prepared the market through nationwide information campaigns and presentations for Cypriot businesses and economic stakeholders before European requirements were introduced locally.

The aim was to show businesses of all sizes that ESG criteria were not merely a formal obligation, but a strategic tool for improving competitiveness, accessing finance and supporting long-term sustainability.

The platform provides a common, transparent framework for interbank ESG assessments, helping companies understand their sustainability profiles while enabling banks to evaluate risks and direct green financing more effectively, the association said.

The initiative has also developed into an annual Credit Risk and Sustainability Management Conference, organised by Artemis Credit Bureau and ICAP CRIF, Artemis’ strategic partner.

This year’s event included special awards under the title “Proud Partner for Sustainability”, recognising businesses that adopt responsible practices and help advance sustainability across the Cypriot economy.

“The transition to a sustainable economy requires cooperation, tools and guidance,” said Artemis Credit Bureau general manager Yiannis Tomasides.

“Over the past three years, Artemis Credit Bureau has demonstrated its consistent support for Cypriot businesses,” he added, pointing to the Synesgy platform, ongoing information initiatives and the annual conference and awards as ways of strengthening Cyprus’ ESG ecosystem.

On his part, ACB general manager Marios Skandalis said Artemis had helped put Cypriot businesses on a path towards sustainability through the platform and its interbank assessment framework.

“Through operational excellence, planning and patience, Artemis has helped prepare the Cypriot economy for the next stage with an excellent interbank initiative,” he said.

Skandalis also praised local banks for taking a proactive approach to ESG, rather than simply responding to developments in the field.

Finally, he stated that banks were helping shape progress through their activities and policies, both internally and through the criteria they apply when financing the Cypriot economy.

Revolut users reported that were now able to log into the banking app again by 5.30pm Cyprus time on Tuesday, after experiencing around half a day of access problems caused by errors and server issues.

Customers opening the app earlier in the day were met with a “something went wrong” error message advising them to try again later, with some unable to access their accounts.

However, although login access had been restored, the app continued to warn users of temporary service disruptions, saying some features might still be unavailable.

Revolut acknowledged the disruption in a response on Reddit, saying its engineering team was working to restore services as quickly as possible.

“We’re currently experiencing a service disruption affecting multiple services,” the company said, warning that several features might be unavailable.

The company apologised for the inconvenience but had not initially provided a timeframe for when normal access would be restored.

The Central Bank of Cyprus (CBC) has highlighted the importance of official statistics in helping citizens, businesses and policymakers understand economic and social developments, marking European Statistics Day on Tuesday.

Celebrated every year on October 20, European Statistics Day aims to raise awareness of the role official statistics play in understanding the economy and society, the CBC said in an announcement.

The bank stated that statistics also help provide a clearer picture of the complexity of the world, with figures encountered in everyday life covering everything from interest rates on loans and deposits to card payments, investments and external transactions.

“These numbers are not just data, they are information that helps citizens, businesses and decision-makers make informed decisions,” the CBC said.

The bank also stressed that producing reliable statistics requires continuous work to collect, process, validate and disseminate data in line with the highest European and international standards.

Because of this, the CBC continued, the bank “commemorates this day and highlights the importance of official statistics and its role as a primary source of statistics in the fields of monetary and financial statistics, external statistics, quarterly financial accounts and payment statistics”.

However, it added that understanding statistical information can be complex and requires both knowledge and education.

In this context, the CBC said it had joined forces with other statistical bodies in the Republic to promote a shared strategic effort to strengthen statistical literacy.

The initiative aims to make data, and their correct interpretation, more accessible to all groups of potential users.

The CBC’s statistics are available on its website through the bank’s dedicated statistics section.

The National Bank of Greece has purchased 330,000 of its own shares for a total of €5.36 million as part of an ongoing buyback programme approved by shareholders earlier this year.

The bank acquired the shares on Euronext Athens between October 8 and October 15, at a weighted average price of €16.2581 per share, according to an official announcement.

The total cost of the purchases was €5,365,183.50, the bank reported.

The largest daily purchase took place on October 8, when the bank bought 105,000 shares at an average price of €16.1527, spending €1,696,033.50.

It purchased 50,000 shares on October 9 at an average price of €16.1908, for a total of €809,540.

A further 25,000 shares were acquired on October 12 at an average price of €16.2428, costing €406,070.

On October 13, the bank purchased 50,000 shares at an average price of €16.4724, for a total of €823,620.

It bought another 50,000 shares on October 14 at an average price of €16.4034, spending €820,170.

The final transaction in the reported period took place on October 15, when 50,000 shares were purchased at an average price of €16.195, at a cost of €809,750.

Following these transactions, the National Bank of Greece directly held 17,343,425 of its own shares, representing 1.92 per cent of its share capital.

The buyback programme was approved at the bank’s annual general meeting on April 30, 2026, with the bank announcing the start of the first tranche on June 12.

The European Central Bank’s (ECB) Single Supervisory Mechanism approved the programme on June 8.

Finally, the bank said it intends to proceed with the subsequent cancellation of the shares acquired.

Online financial markets publication Finance Magnates has reported that FxPro has agreed to sell its Cyprus entity’s client book to Capital.com, with the transaction awaiting approval from the Cyprus Securities and Exchange Commission (CySEC).

According to the reporting, the move forms part of FxPro’s strategy to align its business structure with its longer-term growth plans, with the group indicating that its Cyprus operations account for a relatively small part of its overall business.

Peter Aust, chief operating officer of FxPro, told the publication that the group’s expansion in recent years had been driven predominantly by markets outside Europe, which have become its main growth engines.

The group, he explained, intends to concentrate investment, resources and innovation on those international markets, while maintaining its existing ownership, leadership and broader strategy.

FxPro received its Cyprus Investment Firm licence in 2007 and also holds licences from regulators in the United Kingdom, the Bahamas and the Seychelles.

Aust further stated that the planned transfer reflected a decision to streamline parts of the business that no longer matched its growth profile, rather than a wider retreat from the market.

The company will retain its UK Financial Conduct Authority licence and headquarters in the City of London, underlining its continued commitment to the British financial centre.

Capital.com, meanwhile, said the transfer would be limited to clients who meet its onboarding and risk requirements.

Those clients will be assessed under Capital.com’s own client categorisation, appropriateness, target market and know-your-customer procedures.

The proposed transaction follows Capital.com’s September launch of direct investment in stocks and exchange-traded funds across European markets, broadening its offering beyond short-term trading.

The platform offers more than 2,280 stocks and ETFs across US and European markets, with commission-free investing available to eligible clients in nearly all European Economic Area markets.

Capital.com plans to extend the service to other markets, including the United Kingdom and the United Arab Emirates, in the coming months.

Cyprus’ banking sector non-performing loan (NPL) ratio fell to 1.5 per cent at the end of July 2026, down from 1.6 per cent a month earlier, according to updated figures published by the Central Bank of Cyprus (CBC) on Monday.

The data, which refer to July 31, show that the proportion of non-performing loans declined despite a slight reduction in the sector’s coverage of these loans through provisions.

The NPL coverage ratio fell to 64.5 per cent at the end of July, compared with 64.9 per cent at the end of June.

The CBC’s figures use the methodology applied in the European Banking Authority’s (EBA) risk dashboard, which includes loans and advances to central banks and credit institutions in the calculation of the banking sector’s NPL ratio.

Meanwhile, total restructured loans stood at €700 million at the end of July.

Of this amount, €300 million continued to be classified as non-performing loans, the CBC said.

Women in Cyprus will be able to attend free financial empowerment workshops in Nicosia on November 10-11, organised by the Cyprus Committee for Financial Literacy and Education (CyFLEC) with the support of the Cyprus Securities and Exchange Commission (CySEC).

“CySEC encourages women to take advantage of this opportunity to participate in workshops that can make a meaningful contribution to strengthening their financial knowledge and independence,” the commission said in a statement on Monday.

The workshops, entitled “Your Money. Your Power.”, will take place at The Landmark Nicosia, Autograph Collection, from 3pm to 7.30pm on both days.

CySEC, which is a member of CyFLEC’s board of directors, announced the initiative on Monday, describing it as part of wider efforts to promote financial literacy and help women develop the knowledge, skills and confidence needed to manage their personal finances.

The programme is open to women of all ages and occupations, regardless of their existing level of financial knowledge, and no previous experience is required.

Through four interactive thematic sessions, participants will receive practical guidance on preparing and managing a household budget, saving and investing, responsible borrowing and debt management, and early financial planning for retirement.

The workshops will use real-life examples and everyday scenarios, allowing participants to apply the knowledge gained to their own financial circumstances.

The initiative also aims to strengthen women’s financial resilience and help narrow the gender gap in financial literacy.

CyFLEC said the workshops were intended to equip women with practical knowledge and useful tools to make better-informed financial decisions, plan for the future with greater confidence and improve their financial independence.

CySEC said that it supports initiatives that promote financial awareness and encourage sound, informed financial decision-making, highlighting the importance of financial education in protecting and empowering citizens.

Participation is free of charge, with interested women able to select the thematic sessions they wish to attend.

Places are limited and will be allocated on a first-come, first-served basis, while the registration deadline is October 27, 2026.

Registration and further information are available through CyFLEC’s Moneypedia website.

Eurobank S.A. repurchased 1.95 million of its own shares for €8.65 million over five trading days between October 12 and October 16, the lender announced on Monday.

The purchases were made under the bank’s share buyback programme, approved by shareholders at the annual general meeting on April 28 and subsequently authorised by the board on April 29.

Eurobank bought 1,953,171 shares on Euronext Athens at an average price of €4.4304 per share, for a total cost of €8,653,393.38.

The transactions were carried out through Eurobank Equities Single Member Investment Firm.

The largest purchase took place on October 15, when the bank bought 638,490 shares for approximately €2.81m, at an average price of €4.4042 per share.

On October 16, Eurobank repurchased a further 590,000 shares for approximately €2.62m, at an average price of €4.4475.

The bank also bought 488,347 shares on October 12 for approximately €2.16m, 64,249 shares on October 13 for €287,401 and 172,085 shares on October 14 for approximately €770,000.

Across the five trading sessions, the highest price paid for an individual share was €4.5010 on October 14, while the lowest was €4.3310 on October 15.

Following the latest transactions, Eurobank holds 33,609,346 of its own shares, the announcement said.