2020 Cyprus Country Report
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
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Banking<br />
Sector Profile<br />
Bolstering<br />
THE BANKS<br />
A strong focus on going<br />
digital, implementing<br />
more innovative banking<br />
solutions and integrated<br />
products are supporting<br />
the industry and enhancing<br />
competitiveness, as well as<br />
bringing fresh opportunities<br />
to support sustainable<br />
development in a post-<br />
Covid era of stiff competition<br />
and increasing costs.<br />
The <strong>Cyprus</strong> banking sector has taken<br />
big strides in correcting fundamental<br />
weaknesses in the financial system,<br />
cleaning up balance sheets, successfully<br />
raising private capital and maintaining<br />
strong capital positions over<br />
the last few years. Until the end of<br />
2019, and before the coronavirus outbreak,<br />
banks were showing strong performance<br />
with decreasing non-performing debt and an<br />
increase in deposits, a total of €3 billion in fresh<br />
loans provided during the last year, as well as continuous<br />
credit rating upgrades boosting market<br />
and investor confidence in <strong>Cyprus</strong>.<br />
Technological advancements, new market<br />
demands and growing funding needs of both<br />
households and businesses have been driving<br />
developments in the banking industry, and the<br />
sector is focused on introducing services to com-<br />
KEY<br />
contacts<br />
The Central Bank of <strong>Cyprus</strong><br />
www.centralbank.cy<br />
The Association of<br />
<strong>Cyprus</strong> Banks (ACB)<br />
www.acb.com.cy<br />
56 <strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong>