Bank Otkritie Financial Corporation sold its 19.85% stake in RCB Bank to the management of the bank, the Limassol-based lender said, with the chief executive now in control of nearly half of the capital.

Moody’s Investors Service said that Bank of Cyprus’ decision to de-risk its balance sheet with a €500m increase in provisions is a credit negative even as it reflects the vulnerability of its capital to its bad loans stock.

Cyprus-based airline Cobalt Air has announced the launch of flights to London Gatwick and Frankfurt from Larnaca as part of its 2017 winter schedule.

Russian bank Otkritie has sold its 19.8% stake in Cyprus-based RCB bank and will use the proceeds to fund the development of its retail business in Russia, Otkritie said recently.

The €3.5 billion development project by Hungarian investor Atum Developments in Geroskipou, Paphos include the construction of an artificial island, university, two five-star hotels and a marina.

The state-owned Cyprus Cooperative Bank is considering hiring at least one globally operating investment bank to assist with its planned capital increase, the press reported recently without citing its source.

Plans for the development of the Larnaca port and marina are on track and proposals by the three shortlisted tenders are expected to be submitted in September 2017, Larnaca Mayor Andreas Vyras said recently.

Transport Minister Marios Demetriades said recently that increasing winter tourism to the island was a major goal.

House and flat prices rose a quarterly 2.3% and 1.3% in January to March 2017 respectively, a sign that even as economic growth and construction activity pick up and the unemployment rate remains in the double-digit area, demand is not met by supply, the Cyprus division of the Royal Institute of Chartered Surveyors (RICS) said.

Plans for a capital raise in the Cyprus Cooperative Bank (CCB) are at an advanced stage, attracting interest by global investment banks, sources have told the Cyprus News Agency.