Bank Of Cyprus Reshapes Board Committees To Strengthen Governance

by THEFUTURE.TEAM

September 22, 2025

On Monday, September 22, 2025, Bank of Cyprus Holdings Public Limited Company and Bank of Cyprus Public Company Limited announced a strategic overhaul of their board committees aimed at bolstering governance and risk management frameworks. The bank’s proactive approach highlights its commitment to maintaining an agile and robust leadership structure in today’s dynamic financial landscape.

Risk Committee Reorganization

The newly configured risk committee will be led by Monique Hemerijck, who now assumes the role of chair. The committee’s expanded team includes Stuart Birrell, Christian Hansmeyer, and Andreas Kritiotis. This restructure underscores the bank’s focus on refining risk oversight and ensuring a balanced approach to risk-taking and regulatory compliance.

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Audit Committee Leadership

In a parallel move, Irene Psalti has been appointed as the chair of the audit committee. Joining her are Adrian John Lewis, Lyn Grobler, Monique Hemerijck, and Georgios Syrichas. This revamped team is tasked with enhancing audit processes and reinforcing internal controls, thereby driving stronger financial integrity throughout the organization.

Nominations And Corporate Governance Committee

Takis Arapoglou will now chair the nominations and corporate governance committee, supported by Lyn Grobler, Christian Hansmeyer, and Georgios Syrichas. The committee’s reorganization is expected to elevate the bank’s strategic oversight and governance standards, aligning its practices with industry best practices.

Human Resources And Remuneration Committee

Adrian John Lewis has been designated as the chair of the human resources and remuneration committee, with Stuart Birrell, Irene Psalti, and Andreas Kritiotis completing the team. This restructuring is integral to enhancing the bank’s internal talent management and aligning executive remuneration with performance metrics.

Stability In Technology Governance

The bank confirmed that the composition of the technology committee remains unchanged. Lyn Grobler will continue as chair, with Monique Hemerijck and Adrian John Lewis serving as members. This stability is crucial as the bank continues to prioritize technological innovation and digital transformation initiatives.

The board’s decision, which takes effect on Wednesday, October 1, 2025, reflects a comprehensive effort to strengthen governance frameworks and position the organization for future challenges. With these expert-led committees in place, Bank of Cyprus reaffirms its dedication to effective oversight and strategic evolution in the fast-paced banking sector.

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Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

by News Editor

October 21, 2026

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

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ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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