On the improved current situation of the Cypriot banking sector and the challenges it faces, such as, among others, the profitability outlook, the number of banks in relation to the size of the market, the competition from Fintech companies, credit risks and climate change, was mentioned by the Governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou in his address on Thursday at the Annual General Meeting of the Association of Cyprus International Financial Companies (ACIFF).
At the same time, Mr. Herodotou said the Cypriot banking sector has a strong balance sheet and has improved its loss absorption capacity despite the pressures of the ongoing pandemic, while stressing that the transformation of the banks' business model towards digitalisation may in the long run give them the opportunity to strengthen their position in the banking sector
(CNA)
CNA
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