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 2017.
“Cyprus has charted a clear path out of the crisis. Although there is still a long way to go before we complete our journey from austerity to prosperity, it’s clear the continued sacrifice of Cypriots and hard work of everyone involved, has placed the country on an improving path. Problems still remain, and high NPL levels will challenge us for another few years. However, Cyprus returned to growth in 2016 and is well positioned to continue on this path in 2017. BoC listed on the LSE, having paid off €11.4 billion in ELA and reassessed wholesale bond markets for the first time in 10 years. Jobs and growth remain a key focus, and banks will continue to support with prudent lending. We see great prospects in areas such as medical tourism and technology. We will continue to support these efforts, as well as the reform agenda, as Cyprus steers itself out of economic difficulty, justifying the path taken to recover the economy in a short three years”.