Brussels, Belgium. A delegation from the Association of Cyprus Banks spent two days in Brussels presenting the positive performance of the Cypriot economy and banking sector to professionals, authorities and organisations. The association said the visit reflected continued efforts to promote the sector’s progress internationally.
Delegation and presentation
According to a report by Politis, the delegation included Association of Cyprus Banks director general Marios Skandalis, Bank of Cyprus deputy chief executive Charis Pouangare, Eurobank Limited Cyprus deputy chief executive Haris Hambakis, and Alpha Bank Cyprus chief executive Miltos Michaelas.
During a presentation at Bloomberg in Brussels, participants discussed the trajectory of the economy and developments in the banking sector.
Focus on stability and reform
Particular emphasis was placed on the improvement and stability of Cyprus’ banks despite ongoing geopolitical uncertainty, increasing supervisory requirements, regulatory changes and the rapid pace of technological developments.
The association described the development as a new chapter in the transformation of the banking sector following a decade of reforms and restructuring.
Continuation of international outreach
The Brussels initiative was presented as a continuation and expansion of work the association had been carrying out for years in the United States, where previous outreach efforts had yielded positive results.
According to information provided by the association, feedback received in Brussels reflected a broader and more favourable perception of Cyprus’ banking industry.
Changing perceptions of the sector
The association said this positive image now extends beyond issues related to anti-money laundering, regulatory compliance and sanctions, which had traditionally dominated discussions in previous years.
It also recalled that earlier roadshows in the United States had focused on reversing the negative image of Cyprus as an international financial centre associated with so-called grey areas and insufficient controls against money laundering.
Another key objective of those earlier missions was to secure and strengthen correspondent banking relationships with major American banks, which are considered essential for transactions denominated in US dollars.