Warning over ‘ghost bank’

The Central Bank of Cyprus has warned businesses and the public of a ‘ghost’ bank called Sabax operating in Limassol, noting the entity has not been licensed by the supervising authority. In

New bank loans plunge 50%

New credit granted by Cypriot banks dropped by nearly 50% in April compared with the previous month, pushed downward by a big reduction in housing loans. According to data published by the Central

Hellenic Bank staff to strike 31 May

Cyprus’ banking system is facing disruption after Hellenic bank staff announced they would stage a 24-hour warning strike next week over redundancies. The strike, scheduled for 31 May by the banking employees

Toxic bank loans rise to 11.7%

The rate of non-performing loans in the Cyprus banking sector increased to 11.7% of total loans in January from 11.1% at the end of 2021, data released by the Central Bank of Cyprus on

Hellenic Bank to make 350 staff redundant

Hellenic Bank, Cyprus’ second-largest commercial bank, is reducing its staff by some 300-350 people to bring down operating costs. According to news site Stockwatch, Hellenic’s CEO Oliver Gatzke has sent letters to

Ex-Hellenic chair joins RCB Cyprus board

Irena Georgiadou, the former chairperson of Hellenic Bank, has joined the board of RCB Bank, following changes at the Limassol-based bank, including the announcement last week of its shareholding restructure. Georgiadou, 46,