CyprusProfile.com asked Bank of Cyprus CEO John Hourican which key areas of opportunity or growth he sees in the banking sector, and what his expectations are for Cyprus in 2016.
"Banking in Cyprus has been at the epicentre of the economic crisis since March 2013. Much has been achieved to restore the foundations of the industry, but the country is still blighted by an unacceptably high level of non-performing loans (NPLs). The level of NPLs is a drag on economic growth and remains the single largest issue for the industry to tackle in tandem with society. However, there are numerous areas of the economy that show potential and the banking industry is ready to support investment in these areas. Reinvestment in our Tourist Estate and infrastructure, building out business services and medical capability are areas where we believe welldirected government policy and incentive will yield strong economic outcomes. Bank of Cyprus intends to support the Cyprus economy as it grows in 2016."