AstroBank CEO Aristidis Vourakis: Safeguarding the stable economic environment must be a priority

07:06 - 17 January 2025

Financial Services Reporter

Speaking at the 12th Banking Forum & FinTech Expo, AstroBank CEO Aristidis Vourakis highlighted the exceptional performance of European banks and the quality of their assets, following the rise in interest rates to fight inflation.

This is the first time banks recorded such profitability in the last decade or so, because of the economic crisis and the negative interest rates introduced to support borrowers, which had a negative impact on banks.

Our priority amid this environment, is to meet the demands of the Bank’s associates, including supervisory authorities, the government, and bank employees, to reward shareholders, as well as to continuously improve customer experience.

AstroBank CEO also emphasised the excellent performance of the Cypriot economy, which is gradually positioning itself among the strongest and fastest growing European economies following consecutive rating upgrades. The island’s geographical location, together with the services ecosystem and favourable taxation regime which developed over the last 25 years, are key contributors to this achievement.

Cyprus’ development into an international business hub has transformed its cities through the growth in foreign population and the addition of high-rise buildings. The movement of populations and company executives due to military conflict in the past two years has undoubtedly benefited the island. In any case, it is important to safeguard the stable economic environment and tax advantages as we see competition even from major European countries such as Italy, and more recently the UK, which has abolished the non-domiciled tax regime.

AstroBank CEO Aristidis Vourakis: Safeguarding the stable economic environment must be a priority

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