Nicosia, Cyprus. The Cyprus Chamber of Commerce and Industry (Keve) and the Association of Cyprus Banks on Monday announced the launch of a structured cooperation initiative to strengthen communication between banks and the business community.
Cooperation framework
The two organisations said the cooperation activates an understanding previously agreed following a series of high-level meetings involving senior management and board members from both institutions. They said the partnership follows extensive dialogue and exchanges of views on issues affecting businesses, particularly their interaction with banking institutions and the provision of banking services.
Objectives for banks and businesses
Keve and the Association of Cyprus Banks said the initiative aims to enhance transparency, information and mutual understanding between banks and the business community. They added that the cooperation seeks to improve the efficiency of banking transactions and strengthen working relationships between financial institutions and businesses operating in Cyprus.
Informational and educational materials
As part of the initiative, the chamber and the banking association are launching informational materials in text and video formats to provide practical guidance on key banking topics. The material will cover fundamental subjects including types of bank accounts available to customers and businesses, and will explain different types of interest rates and their key characteristics, including how lending and deposit pricing structures operate.
Coverage of banking procedures and ESG
Additional material will address banking transactions and related procedures, explaining how common banking processes function in practice. The initiative will also include information on environmental, social and governance standards, commonly referred to as ESG.
What banking topic would you like the new informational materials to explain in more detail?
