Representatives of three of Cyprus’ major banks highlighted the opportunities offered by the Cypriot banking system to Israeli businesses and investors seeking to establish a presence in Cyprus and expand into the European market, in a highly significant participation in the 8th Cyprus-Israel Business & Investment Summit, taking place today, Tuesday 20 October, in Tel Aviv.
The panel, titled “The Financial Services Sector of Cyprus”, featured George Charalambous, Chief International Banking Officer at Alpha Bank Cyprus; Panayiotis Chrysostomou, Manager, Banking Services & Representative Offices at Eurobank Limited; and Marina Timotheou Rossou, Manager, International Business Unit, Larnaca and Famagusta, at Bank of Cyprus.
The three representatives presented the key characteristics and financial metrics of their banks, including deposits, loans, capital adequacy and liquidity, while also highlighting the transformation of the Cypriot banking sector into one of the most important and healthiest sectors of the economy.
Tailored solutions for Israeli companies
Particular emphasis was placed on the role Cypriot banks can play in supporting Israeli companies planning to establish operations in Cyprus, relocate their headquarters here, or use the country as a base for expansion into the European Union.
As highlighted during the discussion, the banks have international banking units, with specialised staff and services tailored to the needs of international businesses and investors. Their experience in serving international clients, combined with the available products, solutions and technological infrastructure, can facilitate the establishment and growth of a business presence in Cyprus.
In this context, practical applications of banking services were presented in sectors such as fintech, trade and land development, with emphasis on how banking solutions can support the activities and growth of Israeli businesses.
Wealth management and support for relocating executives
Separate reference was made to the experience of Cypriot banks in serving affluent clients and High Net Worth Individuals. The services offered include wealth and portfolio management, investment services, private banking and support for family offices.
At the same time, the support that banks can provide to executives and employees of Israeli companies relocating to Cyprus or moving their headquarters here was highlighted.
This support is not limited to routine banking transactions, but can extend to practical everyday matters, such as acquiring a home and finding schools for their children, facilitating a smooth settlement for both the individuals and their families in the country.
Opportunities for Israeli technology companies
The development of the technology sector in Cyprus and the opportunities it creates for Israeli technology companies were also in focus, in a sector in which Israel has a strong international presence.
Cyprus can serve as a base for these companies to access the European market, with banking services forming part of the infrastructure required for their establishment, operation and further growth.
The common conclusion of the three participants was that there are significant prospects for further strengthening the business and economic relations between Cyprus and Israel, with the banking system able to contribute meaningfully to the creation of new partnerships and the implementation of cross-border investments.
The 8th Cyprus-Israel Business & Investment Summit is organised by IMH and brings together entrepreneurs, investors and professionals, with the aim of highlighting Cyprus’ potential as a business and investment hub for Israeli companies seeking to grow in Europe.
