Michalis Louis: Cyprus is a reliable financial and business hub

The CEO of Hellenic Bank, Michalis Louis, has briefed US-based stakeholders about Cyprus' role as a reliable financial and business hub, the high level of financial services and the country's strong banking system.

Speaking at a recent event in New York, he also focused on the three main challenges facing the banking sector in Cyprus today:

1. Financing the economy and the transition to the Green Economy
2. Investing in technology
3. Competition with digital banks (Neo Banks)

As Louis stressed, Cypriot banks have the resources, capabilities and means to respond to these challenges effectively.

In particular, he spoke about the example of the acquisition of Hellenic Bank by the Eurobank Group , emphasising that the merger of Hellenic Bank with Eurobank Cyprus will create the largest bank in the country. At the same time, the strategic acquisition of CNP Assurances is expected to create the largest insurance provider in Cyprus, enhancing the quality of earnings and creating revenue synergies.

Referring to the reasons why Cyprus can be considered an important business centre, he pointed out, among other things, that: it is a full member of the European Union and the Eurozone, it has a strategic geographical location, a safe and stable environment, it is a safe port in the region, it provides access to specialised human resources, an open and growing economy and an attractive tax regime. He also referred to the upgrade of the country's credit rating by international agencies (to A3/ A ), which demonstrates the improvement of macroeconomic and financial conditions.

Luis made particular reference to US companies interested in having a presence in the region, underlining that Cyprus is the ideal location to establish the headquarters of their activities, due to all the above factors, as well as the excellent and strategic relations that Cyprus maintains with the USA.

In conclusion, Hellenic Bank's CEO stressed that the Cypriot government has proven in practice its support for foreign investors, facilitating their establishment in a quick and efficient manner.