Breaking news

Bank Of Cyprus Moves Forward With €29.5 Million Ethniki Insurance Acquisition

The financial landscape in Cyprus is witnessing a transformative shift as the Bank of Cyprus moves forward with its €29.5 million acquisition of Ethniki Insurance (Cyprus) Ltd. This initiative marks a significant step in the Bank’s strategy to expand its insurance enterprise.

On April 14, 2025, a binding agreement was formalized between the Bank of Cyprus and Ethniki Hellenic General Insurance Company S.A., outlining the terms of acquiring 100% ownership of Ethniki Insurance (Cyprus). This deal awaits regulatory endorsement and is anticipated to conclude in the latter half of 2025.

What This Acquisition Means For Cyprus

Ethniki Insurance (Cyprus) currently maintains a stable foothold in both life and general insurance sectors with a market share of 2% and 4%, respectively. Upon completion, this acquisition will bolster Bank of Cyprus’s dominance in the Cypriot insurance market.

The projected outcomes are promising, with predictions of a 15% boost in gross premium income and a 10% rise in net result from insurance operations. Such growth will enhance the bank’s non-interest income, securing its profitability.

A Strategic Growth Path

Aligning with the Group’s commitment to diversifying its business model, this acquisition underscores Bank of Cyprus’s long-term vision to consolidate its insurance portfolio. The financial advisement was managed by Deloitte Limited while Chryssafinis & Polyviou LLC handled legal aspects.

Cyprus Expects More French Visitors In 2027 As Air Capacity Expands

Cyprus expects more French visitors in 2027 as airlines increase capacity between the two countries, Tourism Deputy Minister Kostas Koumis said after meetings with tour operators in Paris.

France, one of Cyprus’ key tourism markets, has had a difficult 2026. French arrivals fell 46% year over year to 8,453 in August, from 15,663 a year earlier, according to the Statistical Service of Cyprus (Cystat). August arrivals were also nearly 50% below the 16,798 recorded in the same month of 2024.

Overall, Cyprus received 2.82 million tourist arrivals between January and August, down 7% from the same period in 2025.

Air Connectivity Supports 2027 Outlook

Koumis discussed the 2027 outlook with senior executives from tour operators offering Cyprus holidays during the IFTM Top Resa travel trade fair in Paris.

Higher air capacity between France and Cyprus was a key focus of the talks. Participants also discussed the impact of geopolitical tensions in the Middle East on the French market and Cyprus’ efforts to adapt its tourism offering to French travelers.

“The French market is undoubtedly an extremely important market for our country’s tourism,” Koumis said, adding that France had regained importance only a few years ago and still had room to grow.

Improved air connectivity will be an important factor in that expansion, according to Koumis. “It is now clear that air connectivity between France and Cyprus is improving significantly, which is a basic prerequisite for the further growth of the market,” he said.

Cyprus Promotes Tourism And Regional Cooperation

Koumis attended the opening of IFTM Top Resa at the invitation of French Tourism Minister Serge Papin, who later visited the Cyprus stand. Held from Sept. 15 to 17 at Paris Porte de Versailles, the event brought together more than 32,000 tourism professionals representing 177 destinations and 1,650 brands, according to organizers.

During his visit, Koumis also met Egyptian Tourism Minister Sherif Fathy. Cyprus and Egypt reaffirmed their tourism cooperation and discussed opportunities to strengthen ties further.

French media interviews covered Cyprus’ tourism offering, infrastructure and services, along with efforts to develop specialized tourism products. Regional instability weighed on arrivals in 2026, particularly during the spring, although the decline narrowed over the summer.

The Future Forbes Realty Global Properties
Aretilaw firm
Uol
eCredo

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter