Cyprus’ financial sector could take advantage of opportunities created by the decision of British voters to leave the European Union, the director of a banking business group said.

Bank of Cyprus’ vice chairman, Wilbur Ross, said recently that Cypriot authorities should try to compete with Ireland and Frankfurt in attracting London-based financial companies, which will seek to relocate following the Brexit vote.

The secondary market yields of Cyprus’ government bond maturing in November 2025 rose to 3.92% on Monday which is 16 basis points above that of Friday, the day after Britons decided in a referendum to leave the European Union, a banking source said.

Ayia Napa mayor Yiannis Karousos is confident that direct flights to Larnaca Airport from the Russian regions of Ivanovo and Vladimir will help boost tourism business in the popular summer resort.

Hellenic Bank is currently undergoing a transformation with a major focus on modernisation and technology.

Shares at the Cyprus Stock Exchange took a plunge on news of the outcome on the British referendum in which British voters decided to leave the European Union.

The only immediate impact to Cyprus’ tourism from the Brexit will be the fallout from the plunge in the British pound sterling, making holidays in Europe, including Cyprus, more expensive for Brits, industry players said recently.

Before the referendum I wrote a piece on what might happen to the expat pound in your pocket in the event of Brexit. The following is an update based on the events since the referendum.

The visit of a large, multi-member representation from the Ukraine in Cyprus between 12 and 16 June, 2016 was completed successfully.

Loans exceed the volume of debt securities in Cyprus (69%) as a main financial instrument for 2015, according to Eurostat.