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Hamilton Reserve Bank Signs New Cyprus Deal To Expand Regional Reach

by News Editor

Hamilton Reserve Bank has signed a cooperation agreement with Nicosia-based corporate finance and advisory firm SEE Capital Hamilton Ltd to develop business contacts in Cyprus, Greece and Israel.

Announced on August 6, the agreement covers independent marketing and prospective client referrals. SEE Capital Hamilton will introduce potential clients to the bank and assist with regional market research.

The company is not a bank, branch or representative office of Hamilton Reserve Bank in Cyprus and is not licensed to accept deposits. It will not provide banking services, approve clients or open accounts.

All banking services will be provided directly by Hamilton Reserve Bank, with prospective clients subject to the bank’s due diligence and compliance procedures.

Focus On The Region

Hamilton Reserve Bank said SEE Capital Hamilton has business relationships across Cyprus, Greece and Israel, while the bank aims to increase its visibility among businesses and professionals in the region.

Chairman Sir Tony Baldry said the bank is looking to serve shipowners, businesses, lawyers, bankers, family offices and financial advisers across Southern Europe, Israel and beyond.

No Banking Branch In Cyprus

Hamilton Reserve Bank is not listed in the Central Bank of Cyprus register of domestic or foreign credit institutions and branches operating in the Republic.

Under Cyprus regulations, a credit institution licensed in a third country must obtain the relevant authorisation to operate through a local branch. The new agreement therefore does not establish a banking branch for Hamilton Reserve Bank in Cyprus.

About The Bank

Hamilton Reserve Bank is based in Nevis, part of the Federation of Saint Kitts and Nevis. According to the bank, it serves clients in around 150 countries and offers services in 126 currencies, with more than $20 billion in deposits and assets under custody.

SEE Capital Hamilton is described as a private investment and advisory company providing business development services and introducing clients to new markets.

Fuel Prices Expected To Drop By Month’s End

by News Editor

Fuel prices in Cyprus could begin falling by the end of August if global oil prices continue to decline, according to the petrol station owners’ association.

Association spokesman Christodoulos Christodoulou said motorists are increasingly buying smaller amounts of fuel rather than filling their tanks. Some are also travelling to the north to buy cheaper petrol, which he described as a “very serious issue”.

Since mid-July, petrol prices have risen by 12 cents per litre, diesel by 19 cents and heating fuel by 10 cents. Current average prices stand at €1.60 for unleaded 95, €1.79 for diesel and €1.49 for heating fuel.

Pump Prices Lag Behind Oil Markets

Although crude oil prices have fallen, the decline has not yet been reflected at petrol stations. Christodoulou suggested this could be because current pump prices are based on fuel shipments purchased when oil was trading at around $95-$97 a barrel.

“We anticipate decreases, provided that prices will stabilise downward,” he said.

New shipments usually arrive every two weeks, although the timing depends on importers. Based on that schedule, Christodoulou expects prices to start falling by the end of August.

Oil Prices Remain Sensitive To Hormuz Uncertainty

Brent crude was trading at around $85 per barrel on Monday, down from $79 three days earlier. The benchmark is widely used in pricing petrol, diesel and jet fuel.

Meanwhile, uncertainty surrounding the Strait of Hormuz continues to support oil prices. Iran and Oman have yet to finalise an agreement to reopen the strategic waterway, while conflicting signals from Tehran and Washington have raised doubts over how quickly a deal could be reached.

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