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Cyprus Banks Better Placed To Face Covid-19, Says Bank of Cyprus CEO
October 9, 2020
Panicos Nicolaou, CEO of the Bank of Cyprus, the island’s largest lender assured that Cypriot banks will support the economy and economic activity, severely hit by the Covid-19 pandemic, stressing that the island’s banking sector is better placed to face the current downturn. Addressing the 4th Business Leaders Summit, Nicolaou said that businesses and the state alike should prepare for future technological changes “which are coming faster than we anticipated.”
On the banking sector, Nicolaou acknowledged that the Cypriot banks are facing challenges mainly concerning low profitability due to reduced interest margins and high operating costs, problems that are common for all banks in the EU.