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Former Bank Of Cyprus Shareholders Demand Inclusion In 2025 Solidarity Fund Budget

Former BoC Shareholders Call For Equal Treatment

The association representing former Bank of Cyprus shareholders has formally appealed to the House of Representatives to include them in the 2025 national solidarity fund budget. In a strongly worded letter addressed to both parliament and the Finance Ministry, the group underscored its disappointment at being excluded from the current draft budget, despite their historical grievances dating back to the 2013 banking crisis.

Legislative Scrutiny And Budgetary Framework

As legislators prepare to vote on the proposed legislation authorizing compensation for depositors and bondholders affected by the 2013 crisis, the association argues that over 93,000 ‘bailed-in’ former shareholders deserve equal recognition under the national solidarity fund law. The bill, titled ‘The Budget Law Of The National Solidarity Fund For 2025’, proposes a comprehensive budget of €100,005,010 for the coming year, even as the Finance Ministry projects a significant shortfall, with revenues capped at €50,000,020 sourced entirely from a government grant.

Compensation Scheme Details And Administrative Measures

The fund, originally established to redress losses incurred during the resolution measures for Laiki Bank and the Bank of Cyprus, is set to enact a tailored compensation scheme for 2025. This new initiative, approved by the Council of Ministers, specifies eligibility criteria, compensation levels, and a clear payment process. Key administrative concerns—including the reactivation of the online application portal for late applicants and precise compensation calculations based on uninsured losses—remain central to ongoing deliberations.

Call For Immediate Legislative Action

In its letter, the association urged lawmakers to either amend the current budget or delay its passage until the Finance Ministry revisits the provision for former BoC shareholders. The group insists that honoring the laws passed by the House is essential, thereby ensuring that all affected parties, including Laiki depositors and bank bondholders, are treated equitably within the national solidarity fund.

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

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.

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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