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Bank Of Cyprus To Transition From London To Athens Stock Exchange

by THEFUTURE.TEAM

August 8, 2024

In a significant strategic move, the Bank of Cyprus has announced its decision to exit the London Stock Exchange (LSE) and join the Athens Stock Exchange (ATHEX). This transition is part of the bank’s broader strategy to align its market presence more closely with its operational focus and shareholder base.

Strategic Realignment

The decision to move to the Athens Stock Exchange reflects the Bank of Cyprus’s ongoing efforts to optimise its market strategy. CEO Panicos Nicolaou highlighted that this transition aims to enhance long-term shareholder value, attract new investors, and solidify the bank’s presence in a market more aligned with its core operations. Nicolaou stated, “This move is intended to create stable value for our shareholders and to enhance our market presence in a strategically advantageous location.”

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Benefits of the Move

By listing on the Athens Stock Exchange, the Bank of Cyprus expects to reap several strategic benefits:

Market Alignment: The Athens Stock Exchange offers a platform more closely aligned with the bank’s primary markets and customer base, potentially leading to better investor understanding and engagement.
Shareholder Value: The move is anticipated to create stable and sustainable value for existing shareholders while also attracting new investors interested in the bank’s growth trajectory.
Operational Focus: Shifting to a market within the same regional economic sphere allows for greater operational focus and strategic coherence.

Shareholder Approval

The proposed transition to the Athens Stock Exchange will be presented to shareholders for approval at an upcoming extraordinary general meeting. This step ensures that the bank’s stakeholders have a say in this significant strategic shift, reinforcing the bank’s commitment to transparency and stakeholder engagement.

This move is indicative of a broader trend among European financial institutions reassessing their market listings to better align with their strategic goals and operational realities. For the Bank of Cyprus, transitioning to ATHEX is expected to streamline its market communications and investor relations, positioning the bank for continued growth and stability in a competitive financial landscape.

The Future Forbes Realty Global Properties

Cyprus Tech Sector Propels Economic Growth and Reshapes Talent Landscape

by THEFUTURE.TEAM

May 17, 2025

Robust Economic Expansion

At the recent TechIsland Summit, Christophoros Anayiotos, Head of Deal Advisory at KPMG Cyprus, delivered a compelling assessment of the island’s burgeoning tech ecosystem. The 2024 report highlights that the technology sector now contributes 16% of Cyprus’ total Gross Value Added (GVA), up from 12.6% in the previous year. Overall, the sector’s economic impact is estimated at €8.5 billion, with direct contributions of €4.7 billion and an additional €3.8 billion generated indirectly.

Sectoral Contributions and Productivity

Using the Leontief Input-Output Model, the study covers key areas including ICT, professional scientific and technical activities, as well as tech-driven financial and insurance services. Notably, the ICT segment itself delivers €3.4 billion in direct GVA, while professional services and financial operations contribute €840 million and €505 million respectively. This horizontal spread of technological influence underscores the industry’s pivotal role in driving multifaceted business growth.

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Resilience During Economic Downturns

Even amid challenging economic conditions, the tech sector has demonstrated remarkable resilience. In the pandemic-stricken year of 2020, while the broader Cypriot economy contracted by 3%, the ICT sector experienced a robust growth rate of 21%. This momentum accelerated further to a striking 38% growth in 2021, reinforcing technology’s role as a stabilizing economic force.

Divergent Trends in Employment

Anayiotos’ analysis reveals that the tech sector now sustains over 62,000 full-time equivalent jobs in Cyprus, with 45,900 direct and 16,300 indirect roles. For every €1 million in increased sector revenue, approximately 13 jobs are generated. Despite the overall employment surge, there has been a significant shift in workforce composition. In 2015, Cypriot nationals comprised 88% of ICT employees; by 2024, this figure dropped to 50%, with non-EU nationals accounting for 42% and other EU citizens 8% of the workforce.

Cyprus as an EU Leader in ICT

Cyprus now holds a prominent place in the EU, ranking second in the EU27 for ICT’s share of national GVA at 11.4%, a notable rise from 9.4% in 2023. Furthermore, the island leads the bloc in ICT GVA growth, posting a remarkable 347% increase between 2015 and 2024. With a top-five ranking in GVA per ICT employee—whereby each contributes approximately €130,000, compared to the EU average of €116,000—the country’s technology workforce has expanded at an annual growth rate of 12.1%, from 9,300 in 2015 to 26,000 in 2024.

Strategic Imperatives for Future Growth

Anayiotos emphasizes the need for strategic enhancements to sustain this expansion. Key recommendations include improving air connectivity, joining the Schengen Area to boost mobility, and attracting more international banking institutions. Additionally, introducing tax incentives designed to favor stock options is considered crucial in luring and retaining skilled talent. Addressing the limited capacity in private education is also vital to accommodating professionals relocating with families.

Investing in Talent and Digital Transformation

Looking forward, investments in education and digital upskilling remain paramount. There is a clear call for a national initiative aimed at promoting STEM careers, elevating the digital skills of both students and educators, and accelerating the digital transformation of public services. Moreover, streamlining legal procedures will be critical to improving the overall business climate and competitiveness.