Cyprus Business Now: Eurobank, trade, house sales, Alpha Bank, lending, Aegean

Alpha Bank Cyprus has announced changes to its executive committee, appointing Penny Spiliotopoulou as chief financial officer (CFO) while expanding the responsibilities of Chief Private Banking Officer Charis Kynigou Landas, as part of the continued evolution of its management model and implementation of its strategic plan. The bank said the revised organisational structure is designed to strengthen its ability to respond to market needs with “greater speed, consistency and specialised expertise“. It added that the changes will also support the further enhancement of the customer experience, the development of modern financial and investment solutions, and the effective delivery of the bank’s strategic priorities. New housing loans in Cyprus recorded a significant increase in May 2026, while the average interest rate on new housing purchase loans stood at 4.06 per cent, according to the latest data from the Central Bank of Cyprus (CBC) on interest rates and new lending. Specifically, total net new loans reached €361.90 million in May, up from €331.30 million in April, the CBC said. The strongest increase was recorded in housing loans, which rose to €145.50m from €106.00m the previous month. New consumer loans also increased, reaching €23.90m compared with €21.80m in April, while new loans to non-financial corporations of up to €1m rose sharply to €63.40m, from €39.40m. By contrast, new business loans above €1m declined to €121.50m, down from €156.80m in the previous month. In terms of pricing, the average interest rate on new housing loans increased to 4.06 per cent, from 3.73 per cent in April. Aegean Airlines resumed flights to and from Paphos International Airport last week, with the Paphos regional tourism board (Etap) welcoming the airline’s return as a major boost for the district’s air connectivity and tourism prospects. In a statement on Monday, the board said the first flight marked an important step in improving Paphos’ accessibility, both from Greece and through wider international connections available via Athens. According to Etap Paphos, the Athens to Paphos route will operate three times a week, providing additional travel options for both residents and visitors. The board further explained that the renewed service will also strengthen Paphos’ links with key tourism source markets through Aegean’s Athens hub, including Germany, the Scandinavian countries and other European destinations. The Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus Institute of Directors and Corporate Governance (CyIoDCG) have signed a memorandum of cooperation aimed at strengthening corporate governance, business excellence, sustainable development and the role of company directors. The agreement establishes a framework for cooperation between the two organisations, with a focus on exchanging expertise and information, preparing studies and policy proposals, and jointly organising conferences, educational programmes and other initiatives. According to an official statement, the partnership places particular emphasis on improving the effectiveness of boards of directors, promoting high standards of corporate governance and fostering a culture of responsible leadership for the benefit of the business community and the wider economy. The memorandum also provides for close cooperation in developing initiatives that strengthen transparency, accountability and the professional training of executives, while encouraging the exchange of knowledge and best practices. Cyprus recorded a return to growth in house sales in 2025, with transactions rising by 3.8 per cent, according to Eurostat data covering EU housing market trends across member states. The increase follows a 1.1 per cent decline in 2024, highlighting a recovery after a year of weaker activity in the Cypriot property market. Earlier data show that Cyprus experienced stronger momentum in previous years, with house sales rising by 10.8 per cent in 2023 and a sharp 25.5 per cent increase in 2022, reflecting a period of robust expansion in the sector. Across the European Union, house sales in 2025 increased in most countries for which comparable data are available, while declines were recorded in three of the 18 member states included in the dataset. The largest contractions were seen in Croatia, down 4.1 per cent, Bulgaria, down 2.5 per cent, and Poland, down 1.1 per cent, indicating a mixed performance in parts of Central and Eastern Europe. Greek lender Eurobank S.A. announced on Monday that it repurchased over 2.7 million of its own shares during a five-day trading period at a total cost exceeding €11.3 million. The transaction took place between June 29, 2026, and July 3, 2026, as part of the financial institution’s ongoing Share Buyback Programme. This initiative was initially communicated to the public through an official announcement on June 10, 2026. Shareholders originally approved the buyback scheme during the bank’s annual general meeting held on April 28, 2026. Cyprus’ wholesale and retail trade sector recorded broad-based growth in 2024, with turnover, production value, value added and employment all increasing compared with the previous year, according to figures from by the Cyprus Statistical Service (Cystat). Cystat said turnover across the wider trade sector rose by 5.0 per cent to €20.30 billion in 2024, up from €19.34 billion in 2023. The strongest increase among the main divisions was recorded in wholesale and retail trade and the repair of motor vehicles and motorcycles, where turnover rose by 8.6 per cent to €1.66bn. Turnover in wholesale trade increased by 4.2 per cent to €10.24bn, while retail trade recorded growth of 5.3 per cent, reaching €8.41bn. GlobalWealth Group PLC announced on Monday that it has reached a substantial completion regarding its strategic share exchange with the founders and shareholders of Wealthyhood Ltd. This development follows a series of previous official communications from the company, dated April 02, 2025, September 15, 2025, March 03, 2026, and May 06, 2026, regarding its strategic entry into the wealthtech sector. The company confirmed that it has successfully acquired 40,718 ordinary shares of Wealthyhood Ltd from its existing shareholders to date. In consideration for these shares, the company has proceeded with the issuance and allotment of 3,542,466 new ordinary shares of GlobalWealth Group to the respective shareholders of Wealthyhood Ltd. This transaction forms part of an earlier announced plan to acquire a total of 41,520 ordinary shares in exchange for 3,612,240 new ordinary shares of the company. The board of directors of the Mall of Cyprus (MC) Plc has announced that it will convene its annual general meeting on July 30, 2026. Shareholders are due to review the audited financial statements, which cover the year ended December 31, 2025, alongside the relevant directors’ and auditors’ reports. These documents, including the notice of the meeting and the instrument for appointing a proxy, are currently available on the Cyprus Stock Exchange (CSE) website, the announcement mentioned. Copies of these materials may also be obtained free of charge from the registered office of the company or by submitting a request via email to the legal representative of the firm, the company added. Cyprus’ construction sector recorded a modest annual growth of 0.7 per cent in production and a more noticeable rise of 4.7 per cent in output prices during the first quarter of 2026, according to the state statistical service (Cystat). The Index of Production in Construction for the first quarter of this year reached 120.74 units, based on a reference value of 100.00 units in the base year of 2021. This figure represents a marginal increase of 0.7 per cent when compared to the performance observed during the first quarter of 2025, the service reported. In parallel to the rise in production activity, the Output Prices Index in Construction reached a level of 129.46 units for the first quarter of 2026. Alkis H. Hadjikyriacos (Frou Frou Biscuits) Public Ltd confirmed on Monday that it has successfully completed the payment of a dividend to its shareholders. The announcement was formalised by the company’s financial advisor in a notification directed to the Cyprus Stock Exchange (CSE). The company stated that the dividend was paid to all entitled beneficiaries on Friday, July 3, 2026. Cyprus’ Chief Scientist Demetris Skourides has been ranked among the world’s leading LinkedIn creators in GovTech and the public sector, in a recognition he said reflects the island’s wider effort to raise its international profile in research, innovation and digital transformation. According to a post on his personal account, Skourides was ranked 25th worldwide among the Top 200 LinkedIn creators in GovTech and the public sector. He was also ranked first in Cyprus in the same category and seventh overall on LinkedIn in Cyprus. The ranking graphic accompanying his post also showed a Favikon score of 87.3, placing the recognition within a broader assessment of online influence and visibility. However, Skourides used the announcement less as a personal accolade and more as a statement about Cyprus’ ability to be seen in international technology and public-sector conversations. “Cyprus is small. Its ambition is not,” he said, adding that the recognition was “not about one person” but about making the country visible. Cyprus’ air connectivity will not be affected by the revision of European state aid rules for aviation, the Transport Ministry said on Sunday, stressing that the country’s existing airline incentive schemes operate on market terms and do not constitute state aid. The ministry said the Republic of Cyprus has already submitted a documented position to the European Commission as part of the ongoing public consultation on the revision of the European Guidelines on State Aid to Aviation, putting forward six specific recommendations aimed at protecting the connectivity needs of island member states. “Cyprus’ air connectivity remains strong,” the ministry said, adding that the government is acting in a timely and documented manner to ensure that the new European framework continues to reflect the needs of an island state with no road or rail links to the rest of Europe. It clarified that the incentives provided by Cyprus, in cooperation with the airport operator, to airlines are not state aid, as they are granted on market terms, generate additional revenue for both the state and the operator, and represent an investment that a private investor would also make under the same conditions. Cyprus’ energy transition must be properly planned to respect the environment and follow EU guidelines for the protection of ecosystems, the federation of environmental organisations (Opok) said on Monday. Opok said renewable energy sources were “undoubtedly a top priority for Cyprus’ energy transition and to meet its climate goals”, however the state could not continue to approve large-scale projects, such as the ones in Lythrodontas-Mathiatis and Alambra-Ayia Varvara, based on a vague government order without a clear framework. The situation, Opok said, continued to bear witness to the “sloppiness” of energy planning, allowing the destruction of valuable ecosystems in the name of “green development”.