The recently held Capital Link Cyprus Business Forum focused on the progress, opportunities, and developments related to the Cypriot economy.
The event, held at the Metropolitan Club in New York City, was sponsored by Hellenic Bank, a member of the Eurobank group.
The forum aimed to highlight the prospects of the Cypriot economy and attract foreign investment, focusing on untapped opportunities.
Speaking during the panel discussion titled ‘Cyprus as a Banking & Financial Services Hub’, Hellenic Bank chief executive officer Michalis Louis, referred to Cyprus’ role as a reliable financial and business hub.
Louis underlined the “high level of financial services in the country and the strength of its banking system”.
In addition, he placed particular emphasis on the three main challenges currently facing the banking sector in Cyprus.
These include the financing of the economy and transitioning to a green economy; investing in technology; and competing with digital banks (neo banks).
“Cypriot banks possess the resources, capabilities, and tools to meet these challenges effectively,” Louis stated.
Specifically, he spoke about the example of Hellenic Bank’s acquisition by the Eurobank Group, stressing that the merger of Hellenic Bank with Eurobank Cyprus will create the largest bank in the country.
At the same time, he mentioned that the strategic acquisition of CNP Assurances is expected to result in the creation of the largest insurance provider in Cyprus, “enhancing the quality of earnings and generating revenue synergies”.
Referring to the reasons why Cyprus can be regarded as a significant business centre, he highlighted, among other factors, that Cyprus is a full member of the European Union and the Eurozone.
He also noted its strategic geographical position, the safe and stable environment it provides, and its role as a safe haven in the region.
Additionally, he spoke about the country’s access to a skilled workforce, its open and developing economy, and its attractive tax regime.
Louis also pointed to the country’s credit rating upgrade by international agencies (to A3/A), which, as he explained, “reflects the improvement in macroeconomic and financial conditions”.
He made particular reference to American companies interested in establishing a presence in the region, underscoring that “Cyprus is an ideal location for them to set up their headquarters”.
The Hellenic Bank CEO explained that this is due “not only to the aforementioned advantages but also to the excellent and strategic relations Cyprus maintains with the United States”.
Louis concluded by saying that “the Cypriot government has demonstrated, in practice, its support for foreign investors by facilitating their establishment in a swift and efficient manner”.
