Bank rivalry set to benefit Cypriot market
The Cyprus economy has proven its resilience in recent years, and the competition among banks will strengthen it further, Finance Minister Makis Keravnos said on Tuesday at the “Banking System: New Challenges and Opportunities” Conference in Nicosia.
Keravnos argued there are still challenges that the banking sector must address. He referred to the successive rate hikes and their impact on the economy, noting that banks have adopted some positive measures, but said that he expects additional positive measures from all banks. The banking sector, he said, having made remarkable progress in recent years, with a strong capital base and liquidity, has played a decisive role in this collective effort and is expected to continue to do so.
The minister said that the banking map in Cyprus has changed radically in the last decade, adding that the ministry considers any mergers and acquisitions an indication of a healthy sector and the operation of free market rules.
He added that structural changes, whether through acquisitions or technological upgrading, are expected to contribute to strengthening the competition and improving financial services for consumers.
