CyprusProfile.com asked Andreas Theodorides, CEO of USB Bank Plc, which key areas of opportunity or growth he sees in the banking sector, and what his expectations are for Cyprus in 2017.
“Four years after the 2013 economic crisis, Cyprus’ economy is making steady progress and recovery, growing at a rate of near 3% of GDP. The banking sector has been recapitalised and restructured and confidence in both banking and the Cyprus economy has been improved, with Cyprus being able to access the markets again. The recovering economy helps both business and households to service their loans even though banks continue to face the challenge of high levels of non-performing loans (NPLs). Loan demand continues to increase and looking ahead it is expected to continue increasing both by households and enterprises in 2017. The banking sector is in a position to support this demand and finance viable projects. Main areas of focus will be tourism, commerce, professional services, renewable energy and educational sector”.