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Union Monitors Takeover Speculations at Cyprus Development Bank Amid Staff Concerns

by THEFUTURE.TEAM

September 3, 2025

Amid rising speculation about a potential change in ownership at the Cyprus Development Bank (CDB), the employee union Etyk has issued a firm statement warning against any disruptions that could jeopardize the institution’s stability and the rights of its workforce.

Union Oversight and Employee Security

Etyk has emphasized its commitment to closely monitor the evolving situation at CDB bank, stressing that the future of the institution and the security of its employees remain paramount. The union affirmed that any prospective acquisition must guarantee the full transfer of all current employees to the new owners, underscoring that protection of jobs and rights is non-negotiable.

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Firm Stance Against Workplace Victimisation

In its circular, the union made it clear that it will not tolerate actions that could lead to the victimisation or exclusion of staff. Etyk warned that failure to secure these conditions would prompt a vigorous response aimed at defending the interests and rights of its members during any restructuring or change of ownership.

Acquisition Interests and Regulatory Oversight

The bank has been the subject of acquisition interest for several years. Notably, discussions with AstroBank and an Armenian banking institution recently collapsed despite advanced talks. Additionally, the potential for foreign investment remains high, though any change in ownership would require stringent approvals from both the Central Bank of Cyprus and, for qualified holdings, the European Central Bank.

Financial Performance and Future Prospects

CDB Bank’s financial results for 2024 reveal a challenging operating environment. Profit after tax fell by 41% to €4.09 million, and overall net income declined by 9% to €22.8 million amid rising interest expenses, which escalated by 192% to €6.2 million. Despite these hurdles, the bank maintained robust capital and liquidity metrics, with a Common Equity Tier 1 ratio of 22.25%, an overall Capital Ratio of 27.38%, and a Liquidity Coverage Ratio of 348% backed by a liquidity surplus of €277 million. Furthermore, customer deposits increased by 12% to €549 million, and lending activity surged with new loans rising 152% to €34 million.

Strategic Resilience and Asset Quality Initiatives

The bank is actively working on strengthening its balance sheet, enhancing asset quality, and investing in technological upgrades to boost efficiency and resilience. These measures reflect a broader strategic commitment to not only stabilize the institution but also to position it for future growth in a competitive market environment.

With acquisition interest continuing to swirl and the union taking an uncompromising stance on employee rights, the unfolding narrative at CDB Bank is one to watch. The coming months will be crucial as all parties negotiate the balance between financial restructuring and the welfare of the bank’s workforce.

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Women Remain Underrepresented Among Scientists And Engineers Despite Sector Growth

Overview Of The Sector Growth

Recent Eurostat data show continued growth in Europe’s science and technology workforce. In 2025, more than 81.6 million people aged 15 to 74 were employed in science and technology occupations across the European Union, representing a 1.8% increase compared with 2024 and a 25.3% rise over the past decade.

Cyprus recorded a similar trend, with women accounting for 51.8% of the science and technology workforce, slightly below the EU average but still among member states where women represent a majority of employees in the sector.

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Women’s Representation And Its Implications

Women accounted for 52.5% of the science and technology workforce across the EU, representing approximately 42.8 million workers. Service activities remained the largest area of employment for women in the sector. Their share increased by 2.3% compared with the previous year and by 27.9% since 2015, equivalent to an increase of 9.3 million workers. The figures reflect the continued growth of female participation across science and technology occupations over the past decade.

Persistent Gender Imbalance In Specialized Roles

Despite representing a majority of the overall science and technology workforce, women remained less represented in specialist positions such as scientists and engineers. In 2025, women accounted for 40.8% of scientists and engineers across the European Union, an increase of 0.5 percentage points compared with 2015. At the same time, the number of women employed in these professions rose from 5.3 million in 2015 to 8.2 million in 2025, representing a growth of 54.4%. Germany recorded the largest number of scientists and engineers in the EU, with 4.2 million people employed in these occupations.

Regional Variations Across Europe

Disparities are also evident at the regional level. Latvia, for instance, recorded the highest share of women in science and technology at 62.4%, followed by Hungary’s Great Plain and North region (61.1%) and Estonia (60.5%). In contrast, Corsica in France reported only 42.7%, with Malta and Italy’s Centre region trailing at 46.0% and 47.2% respectively. These variations signal the need for tailored policies to address local challenges while promoting a unified approach toward gender inclusivity across the EU.

Conclusion

Eurostat data show continued growth in science and technology employment across Europe, alongside rising female participation in the sector. Women represented a majority of the overall science and technology workforce in 2025, although their share among scientists and engineers remained lower than in the broader sector. The latest figures provide a snapshot of how employment patterns across science and technology occupations have evolved over the past decade.