BUSINESS BRIEFING AID
AWARDS BANK OF CYPRUS
Cyprus to Receive €7.3m from EU Solidarity Fund The European Commission has proposed granting Cyprus €7.3m from the EU’s solidarity M\UK[VHSSL]PH[L[OLÄUHUJPHSI\YKLUVM[OLKHTHNLJH\ZLKI`HKYV\NO[[OH[SLK[VMVYLZ[ ÄYLZHUK^H[LYZOVY[HNLZSHZ[Z\TTLY*`WY\ZOHKHZRLKMVYHZZPZ[HUJLMVSSV^PUNHÄYL PU[OL:VSLHZYLNPVU[OH[YLZ\S[LKPU[OLKLH[OVM[^VÄYLÄNO[LYZHUK[OLKLZ[Y\J[PVUVM square kilometres of pine forest. The Commissioner for Regional Policy Corina Cretu said. ¸;VKH`^LHYLTV]PUNMYVT^VYKZ[VHJ[PVU^P[OÄUHUJPHSHZZPZ[HUJL[VOLSWHMMLJ[LKJVTmunities, revitalise economic activity and support reconstruction efforts.” ;OLÄUHUJPHSHZZPZ[HUJLWHJRHNLT\Z[ILHWWYV]LKI`[OL,\YVWLHU7HYSPHTLU[HUK *V\UJPS0U5V]LTILY*`WY\ZYLJLP]LKHÄYZ[KPZI\YZLTLU[VMHPK^VY[OÁ
IN THE NEWS
MARIOS SKANDALIS NAMED 40% of Executives BANKER OF in Cyprus Expect THE YEAR M&A Activity Marios Skandalis, Director of
ccording to EY’s 15th Global Capital Confidence Barometer (CCB), a survey of more than 1,700 executives in 45 countries including Cyprus, more than half (57%) of companies are expecting to actively pursue Mergers and Acquisitions in the next 12 months – the second highest percentage recorded in the Barometer’s seven year history. According to Cyprus’ Barometer results, 40% of executives in Cyprus believe their company will pursue M&A transactions in the short term. While only 17% of local executives believe their growth will come from M&A deals, 62% believe organic growth will bolster earnings. According to Stavros Pantzaris, EY Cyprus Managing Partner, “There is strong reason to believe that the M&A outlook in Cyprus will perform better than expected, driven by regulation changes, increasing foreign investment and assets disposals from over leveraged companies.” 8 | GOLD | The Business Magazine of Cyprus
the Group Compliance Division of the Bank of Cyprus Group, was named Banker of the Year – Cyprus by the internationally-acclaimed Acquisition International magazine earlier this month. “Winning the 2016 Banker of the Year – Cyprus Award is a real honour for me and for the institution I represent, Skandalis said in a statement, adding that, “at the same time it constitutes yet another independent recognition of the colSLJ[P]LLɈVY[VMHSS of my colleagues at the new Bank of Cyprus for transforming the culture of the largest corporation of our country.”
Bank of Cyprus has been named as Best Bank for Private Banking in Cyprus by the international magazine Euromoney for the second consecutive year. In a statement, the Bank notes that the H^HYKJVUÄYTZP[ZZ\JJLZZM\SZ[YH[LN`VMVMMLYPUN bespoke solutions and integrated products and services in the area of wealth management. It is ZPNUPÄJHU[[OH[[OLH^HYKPZ[OLYLZ\S[VMHZ\Y]L` of customers who are asked to evaluate the banking, investment and wealth management services offered to them.
CDBBANK cdbbank (formerly the Cyprus Development Bank) has been honoured as Best Corporate Bank Cyprus 2016 by Capital Finance International magazine. Acting CEO George Spyrides UV[LK[OH[¸;OPZPU[LYUH[PVUHSHJJVSHKLJVUÄYTZ the high level of services offered by the Bank to its local and international clients”. He said [OH[[OLH^HYKYLÅLJ[Z[OLJVU[PU\V\ZLMMVY[ZVM the Bank’s management and personnel to offer specialised and innovative services which fully JV]LY[OLT\S[PMHJL[LKÄUHUJPHSKLWVZP[HUK investment needs of the business community and individual clients.
STELIOS BICOMMUNAL AWARDS easyJet founder Sir Stelios Haji-Ioannou, recently announced that the Stelios Bicommunal Awards will be organised by the Stelios Philanthropic Foundation for the ninth consecutive year. The objective of the awards is to strengthen socio-economic ties between the two communities in Cyprus and to encourage cooperation between Greek Cypriots and Turkish Cypriots. This year, Haji-Ioannou will be offering €10,000 to each of 75 bicommunal teams. Since 2009, some €2.75 million has been awarded with the aim of promoting a lasting peace on the island.
EY EY’s Transaction Advisory Services (TAS) practice has been honoured as Financial Adviser of the Year in Central and Eastern Europe by Mergermarket, an independent mergers and acquisitions intelligence and data provider. The Mergermarket M&A Awards are the most coveted accolades in the deal industry across Europe. EY previously won the award in 2014. EY’s TAS practice was also named Accountancy Firm of the Year in Europe for the sixth time in seven years, having won in 2010, 2012, 2013, 2014 and 2015.