Andrei Kostin, chairman and CEO of the Russian state-controlled VTB bank, reportedly told President Nicos Anastasiades on Monday that the Group will maintain its subsidiary in Cyprus, the Russian Commercial Bank.

The interim board at the Bank of Cyprus (BoC) has pledged to take all necessary steps so the bank can swiftly move away from its current status of being under administration.

The Eurogroup gave its blessings to the disbursement of €3 billion to Cyprus yesterday, with the first €2 billion already sent to the island as part of the first tranche of a €10 billion bailout expected to “buy time” for its ailing economy.

Restoring foreign investor confidence in the Cypriot economy, following the Eurogroup decision for a €10 billion financial assistance should be top priority, says Nobel Laureate and head of the Cyprus National Economy Council.

A new investment club has been formed in London with the aim of becoming active in Greece and Cyprus. The official announcement is expected in the coming summer.

The potential for further cooperation in the area of health between Cyprus and Israel was discussed between Minister of Health Petros Petrides and Israel’s Ambassador to Cyprus Michael Harari.

Holiday bookings from the UK to Cyprus appear to be recovering after a sharp drop during the economic turmoil the island went through in March.

Eurozone finance ministers will on Monday politically ratify the agreement reached at the technical level for the disbursement of Cyprus’ first tranche of €3 billion out of the €10 billion EU-IMF bailout loan.

Cooperative banks are looking to issue special shares in a bid to raise some one billion euros that may be needed to recapitalise in the coming years.

President Nicos Anastasiades has described his three-day working visit to Israel as the “start of a new era in bilateral relations,” saying he is “absolutely satisfied” with the talks he had on Sunday with Prime Minister Benjamin Netanyahu.