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Strategic Shifts At Hellenic Bank Amid Eurobank Takeover

by THEFUTURE.TEAM

August 8, 2024

In a notable move within Cyprus’s banking sector, John Gregory Iossifidis has resigned from Hellenic Bank’s Board of Directors. His departure marks the second high-profile exit, following Christos Themistocleous, amidst Eurobank’s strategic consolidation. Eurobank, now holding a controlling 56% stake in Hellenic Bank, is driving these changes to integrate and streamline operations. Iossifidis, who played a pivotal role on the Audit and Nominating/Internal Governance Committees, stepped down to facilitate a smooth transition in leadership.

This restructuring is a critical component of Eurobank’s broader strategy to reinforce its market presence in Cyprus. With further board changes expected ahead of the upcoming annual general meeting in September, the aim is to ensure alignment with Eurobank’s vision and operational framework. This period of transition is seen as essential for Hellenic Bank to adapt to the new ownership dynamics and to maintain its competitive edge in the market.

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Eurobank’s takeover signifies a substantial shift in Cyprus’s banking landscape. The integration process is likely to focus on leveraging synergies, optimizing resources, and enhancing customer service. The strategic adjustments at the board level are pivotal in setting the stage for these broader operational goals.

John Gregory Iossifidis’s resignation, while significant, is part of a calculated strategy to ensure that Hellenic Bank can fully align with Eurobank’s objectives and governance standards. As the banking community watches closely, these developments are expected to pave the way for a more robust and competitive banking entity in Cyprus.

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Industry Uproar Over Reduction in Electric Vehicle Subsidies

by News Editor

April 26, 2025

The recent move by the government to curtail subsidies for electric vehicles has stirred significant discontent among car importers in Cyprus. The Department of Road Transport (DRT) has slashed available grants under the Electric Vehicle Promotion Scheme as of April 23, leading to a rapid depletion of the subsidy pool and leaving many potential applicants disappointed.

Importers’ Concerns

According to the Cyprus Motor Vehicle Importers Association (CMVIA), the lack of transparency and failure to engage stakeholders prior to the decision have eroded trust in the government’s commitments. Importers now find themselves facing a precarious situation, with substantial stocks of electric vehicles and mounting promotional expenditures.

Public Interest and EU Compliance

Although the scheme aimed to support the transition to zero-emission transport until 2025, the DRT states that the curtailing of funds was necessary to comply with European funding terms, which warned against delays in vehicle deliveries. This decision has fueled market uncertainty despite the application portal experiencing dynamic changes.

Industry’s Ongoing Demand

The CMVIA refutes any claims suggesting waning interest in electric vehicles, underscoring the rapid exhaustion of available grants as proof of substantial demand. They highlight the importance of meeting Cyprus’s green transition targets, including putting 80,000 electric vehicles on roads by 2030.

While the total budget for subsidies saw an increase to €36.5 million in 2023, thanks to additional funding, ongoing difficulties in timely vehicle distribution have led to premature closures of applications. In response, CMVIA has called for urgent dialogue with the Minister of Transport to reassess the decision, fearing that it could endanger the future of e-mobility in Cyprus.