CyprusProfile.com asked Cooperative Central Bank CEO Nicholas Hadjiyiannis which key areas of opportunity or growth he sees in the banking sector, and what his expectations are for Cyprus in 2017.
“Cooperative Central Bank Cyprus has managed to achieve a great deal in the last three years, placing itself on a recovery course that is expected to continue in 2017. The economy of Cyprus will continue to grow, consumption will increase and unemployment will drop further. We might face challenges arising from external factors that could affect economic growth such as deflationary forces from the Eurozone, Brexit, geopolitical unrest and political developments in the area. However, we do see opportunities in the banking sector, for example in non-interest income business, in bancassurance and in electronic payment solutions. The Cooperative Central Bank has a specific role to play given that it constitutes, due to its local big presence a stabilising factor in the banking system. The positive efforts undertaken by the Bank contribute positively to the economy’s move to an upward path and are supporting society to return to a course of prosperity and progress”.