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The Evolving Landscape of Cyprus’ Banking System: A 2025 Perspective

The Cypriot banking industry has undergone significant changes in recent years, marked by the closure and merging of numerous branches. This shift aligns with a strategic focus on digital transformation and reduced physical presence. From 2013 to the present, notable changes have redefined the banking landscape in Cyprus.

Major Shifts Since 2013

The restructuring phase began in 2013 with the collapse of Laiki Bank and the closure of cooperative banks. Greek-rooted Eurobank now encompasses Hellenic Bank, marking a significant shift. Additionally, RCB surrendered its banking license, and Alpha Bank acquired Commercial Bank in 2014, while eyeing Astrobank, which had previously absorbed USB Bank.

Statistics Depicting the Transition

Examining the evolution from 2012-2013 to 2024 reveals a stark transformation. According to the Cyprus Banking Association, there were initially 12 banking members with 9,273 employees, 384 branches, and 423 ATMs. Fast forward to 2024, and these numbers have declined to 10 members, 6,525 employees, 158 branches, and 332 ATMs. In-depth comparisons show the magnitude of these industry shifts.

Impact of Digitalization and Other Catalysts

The financial shock of 2013 was a tipping point, further pressured by the COVID-19 pandemic in 2020, accelerating digital trends. This digital shift has led to further network shrinkage and staff reductions via voluntary exit schemes. For businesses, the impact echoes in the real estate sector, affecting retail spaces and property development ventures.

Evel Elects New President As Maria Theocharous Takes Over For 2026–2029 Term

Maria Theocharous has been elected president of the Limassol Chamber of Commerce and Industry (Evel), taking over from Yiannis Tsouloftas for a three-year term covering 2026–2029. Theocharous previously served as the chamber’s vice-president for tourism.

The leadership transition marks a new chapter for one of Cyprus’ main regional business organisations, with the new board set to represent the district’s key economic sectors.

New Leadership Emphasises Cooperation

The chamber’s annual meeting brought together government, business and local authority representatives, including Energy, Commerce and Industry Minister Michael Damianos, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou, Limassol district local government organisation president Yiannis Tsouloftas and Limassol mayor Yiannis Armeftis.

Speakers highlighted the importance of closer cooperation between public authorities and businesses in supporting Limassol’s economic development.

Representatives of the Cyprus Shipping Chamber (CSC) also congratulated Theocharous on her election and thanked the outgoing president for his cooperation. The CSC described Evel as a longstanding partner, noting the chamber’s contribution to Limassol’s business development over more than six decades.

Tsouloftas Reviews Six Years As President

In his final address, Tsouloftas reviewed the chamber’s work between 2020 and 2026, highlighting its advocacy for major infrastructure projects and efforts to address development challenges across the district.

He also outlined initiatives to remove obstacles facing local businesses, accelerate development plans and improve the conditions for economic activity.

Tsouloftas will remain involved as immediate past president, providing continuity during the transition.

New Board Covers Key Business Sectors

The new board includes representatives responsible for the chamber’s main portfolios:

  • Ilikos Charalambous, vice-president for commerce
  • Vasos Demetriades, vice-president for industry
  • Christos Nicolaou, vice-president for services
  • Nicolas Agiomamitis, vice-president for tourism
  • Ilias Theodorou, vice-president for finance
  • Demosthenes Mavrellis, vice-president for innovation and technology
  • Ilias Neocleous, honorary secretary

Other board members are Minos Agathocleous, Marios Antoniou, George Demetriou, Anastasios Kounoudis, Marios Constantinou, Xanthos Nemptsas, Antonis Pappas, Charalambos Pattichis, Chrysis Petousis, Farah Shammas, Andreas Tsouloftas and Kyriacos Hadjiathanasiou.

Costas Ioannides, Agathi Katsi, Anna Petraki, Filippos Filis and Tonis Hadjiloucas have been appointed members by distinction. The chamber also highlighted the growing participation of women in business leadership and decision-making.

Chamber Recognises Longstanding Contributions

The annual meeting also recognised businesses and individuals for their contributions, including members who have maintained continuous membership for 50 years.

Tributes were paid to three former contributors to the chamber, Tonis Antoniou, Dimi Mavropoulos and Andreas Laou, in recognition of their service.

Under Theocharous’ leadership, Evel begins its 2026–2029 term with a board covering commerce, industry, services, tourism, finance and innovation. Its priorities include continuing to represent Limassol businesses and advocating for the investment and cooperation needed to support the district’s economic growth.

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