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Bank of Cyprus Receives Notable Ratings Upgrade By Fitch

by News Editor

In a remarkable financial development, Fitch Ratings has elevated the ratings of the Bank of Cyprus Public Company Limited (BoC) from ‘BB+’ to ‘BBB-‘, indicating a strong positive outlook. This upgrade underscores the bank’s enhanced asset quality and robust capitalization.

The rating improvement is largely attributed to the bank’s strategic reduction in problematic legacy assets, such as non-performing exposures (NPEs) and net foreclosed properties. This has enabled a healthier capital structure with reduced encumbrance by unresolved problem assets.

Fitch notes that despite lowering interest rates, BoC’s profitability remains solid thanks to its competence as the largest domestic bank in Cyprus. With consistent deleveraging, it is poised for ongoing financial stability.

Prospective Economic Growth For Cypriot Banks

The favorable outlook anticipates better business and financial prospects amidst Cyprus’s economic growth, with decreasing unemployment and lower private sector debt. BoC’s plans to expand into wealth management and insurance activities stand to gain from these economic trends.

Expectations are that the ratio of BoC’s problem assets will drop below 5% within two years, thanks to diminishing NPE portfolios and active disposals of foreclosed assets. Last year, the bank’s operating profit/risk-weighted assets (RWA) ratio was a robust 5.4%, indicating a sustainable path forward.

Financial Strength And Stability

By the end of 2024, BoC boasted a common equity Tier 1 (CET1) ratio of 19.2%, with a notable buffer over regulatory demands. The bank’s CET1 encumbrance by problem assets fell significantly owing to further disposals.

Supported by a strong Cypriot deposit base, BoC maintains excellent liquidity. Looking ahead, while a downgrade is improbable, Fitch warns that any economic downturn in Cyprus could impact ratings. However, further elevation of the operating environment for Cypriot banks could enhance BoC’s business profile.

If you’re curious about technological advancements in Cyprus, read AI At Work: Cyprus Among Europe’s Most AI-Skeptical Nations.

University Of Nicosia Ranked In The Global Top 600 In THE Sustainability Impact Ratings 2026

by News Editor

UNIC placed in the 401-600 band worldwide, strengthened its position among universities in Cyprus and Greece, and recorded standout results in SDG 10, SDG 11 and SDG 17

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The University of Nicosia (UNIC) has earned another important international distinction in the Times Higher Education (THE) Sustainability Impact Ratings 2026, ranking in the 401-600 band globally among 1,646 universities from 116 countries and territories evaluated across 17 individual SDG tables and one overall ranking.

This result places UNIC in the global Top 600 and reinforces the University’s standing as one of the region’s most internationally engaged higher education institutions. Based on the published results, UNIC is one of the universities from Cyprus and Greece to secure a place within this band, underlining both its regional strength and its growing international visibility.

UNIC’s strongest performances in this year’s results were recorded in SDG 10: Reduced Inequalities, SDG 11: Sustainable Cities and Communities, and SDG 17: Partnerships for the Goals, where it ranked in the 101-200 band globally. It also achieved a 301-400 result in SDG 3: Good Health and Wellbeing and SDG 16: Peace, Justice and Strong Institutions.

Particularly significant was UNIC’s strong result in SDG 17: Partnerships for the Goals, an indicator that carries special weight in the overall methodology of the THE Sustainability Impact Ratings. This performance highlights the University’s growing capacity to build meaningful academic, research, and societal partnerships that create measurable impact at both local and international level.

Commenting on the result, the Rector of the University of Nicosia, Professor Philippos Pouyioutas, said:

“This is a highly significant result for the University of Nicosia and one that we are proud to share. Our placement in the global Top 600 of the THE Sustainability Impact Ratings 2026 reflects the University’s sustained commitment to meaningful impact through education, research, outreach, and collaboration. Our particularly strong performance in Reduced Inequalities, Sustainable Cities and Communities, and Partnerships for the Goals demonstrates the values that define UNIC as a modern, outward-looking university, committed to contributing in practical ways to society and to the global sustainability agenda.”

Among the universities from Cyprus, UNIC is one of the universities included in the global Top 600, while across Cyprus and Greece it stands among the universities recognised for strong performance in this year’s sustainability-focused results. This positioning adds further weight to UNIC’s profile as a university that combines academic quality with social contribution and international engagement.

For the University of Nicosia, this latest recognition marks another important step in its continuing international development, highlighting the strength of its academic environment, the breadth of its partnerships, and the increasing impact of its contribution to sustainable progress.

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