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

by News Editor

April 14, 2025

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.

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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.

The Future Forbes Realty Global Properties

Digital Euro Moves Forward In EU Push For Payment Independence

by THEFUTURE.TEAM

April 28, 2026

Strengthening Strategic Autonomy

At an event held at the House of the Euro in Brussels on April 22, central bank officials discussed the role of a digital euro in strengthening the European Union’s financial independence. Participants included Stelios Georgakis, Payments Supervision Director at the Central Bank of Cyprus, and Joachim Nagel, President of the Deutsche Bundesbank.

Redefining Central Bank Role In A Digital Era

Nagel stated that the digital euro is no longer viewed solely as a technical development but also as part of a broader policy direction. He emphasized the need to strengthen Europe’s payment infrastructure to ensure resilience and independence. The digital euro is intended to complement cash rather than replace it, maintaining the role of central bank money in a more digital financial system.

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Reducing Dependence On Non-European Infrastructure

According to Nagel, around two-thirds of card payments in Europe currently rely on non-European systems. This reliance is seen as a structural vulnerability. A digital euro could help reduce this dependency by supporting a more integrated and locally controlled payments framework.

Legislative Roadmap And Timeline

Looking ahead, Nagel expressed a strong optimism regarding the legislative process, suggesting that completion could occur by year‑end. This progress may set the stage for the first issuance of the digital euro as early as 2029, in alignment with Europe’s broader ambitions for financial resilience and technological advancement.

Comprehensive Payments Strategy

During the discussion, Georgakis outlined the European Central Bank’s approach to payments. The strategy combines retail and wholesale systems, including instant payments, a digital euro, and infrastructure based on distributed ledger technology. Improving cross-border payment efficiency remains a key objective.

Transforming Europe’s Financial Landscape

The discussion reflected alignment between central banks, policymakers, and other stakeholders on the direction of Europe’s payment systems. Development of a digital euro is positioned as part of a broader effort to strengthen financial infrastructure, support economic resilience, and maintain the euro’s role in a changing global environment.

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