The Association of Cyprus Banks and the Union of Arab Banks headquartered in Beirut, Lebanon, have signed a Memorandum of Understanding (MoU), reaffirming and strengthening the long-standing cooperation and communication between the two organisations.
A press release by the Association says that the MoU was signed in Nicosia on 8 August, 2025, by Aristidis Vourakis, Chairman of the Board of Directors of the Association of Cyprus Banks, and Dr. Wissam Fattouh, Secretary General of the Union of Arab Banks.
The signing of the MoU marks an important step towards enhanced cooperation and mutual understanding of the conditions shaping the banking environment, especially within broader geopolitical developments, it says.
It also serves, it adds, as a positive example of constructive collaboration between institutions from different geographical regions and diverse political, economic, and geopolitical landscapes.
A key outcome of the agreement is the establishment of the Arab Cypriot Banking and Economic Dialogue, a strategic platform to strengthen cooperation and facilitate knowledge exchange between the two banking sectors, the press release concludes.
