Alpha Bank Cyprus announces new management structure

Alpha Bank Cyprus on Wednesday announced that it has undergone a reorganisation of its management structure, combined with an expansion of its executive committee, according to a company statement.

The company explained that this is a move aimed at further accelerating the implementation of its development plan, which seeks to “actively support the economic and social growth of Cyprus”.

The goal, the company continued, is to increase its executive personnel and enhance the capability of the senior management team in order to swiftly and effectively achieve strategic objectives.

At the same time, Alpha Bank Cyprus Ltd has revealed the addition of two experienced professionals with extensive experience and a longstanding presence in the Cypriot banking market to its roster.

Specifically, Christoforos Stylianides will assume the role of General Manager Wholesale, while Kyriacos Michaelides will take on the duties of Chief Wealth and International Banking Officer.

“A key pillar of the new strategy is a strong emphasis on customer service,” the bank explained.

“Through a series of initiatives, Alpha Bank Cyprus Ltd is advancing the automation of its processes, making customer service faster and more efficient, and providing solutions to customers’ needs,” it added.

What is more, the company noted that another point of focus revolves around its efforts to increase productivity and develop the organisation’s human resources, something which it described as a “cornerstone in creating an effective and profitable bank”.

“We are elevating our capacity and our ability to provide outstanding services to our customers while at the same time supporting the economic growth of Cyprus, as a crucial partner in the business world and in the broader community,” Miltos Michaelas, the CEO of Alpha Bank Cyprus, said in the statement.

“Our new management team, with respect and responsibility, being outward-looking and consistent, is intensifying its efforts to implement the bank’s strategic plan,” he concluded.

It is worth noting that in September of this year, global agency Fitch Ratings upgraded Alpha Bank SA’s (the parent company of Alpha Bank Cyprus) Long-Term Issuer Default Ratings (IDRs) to ‘BB-‘ from ‘B+’ and Viability Ratings (VRs) to ‘bb-‘ from ‘b+’. Additionally, the outlooks on the Long-Term IDRs were designated as Stable.

Fitch explained at the time that the upgrade “reflects structural improvement in Alpha’s profitability, which will drive further organic capital generation and result in stronger capital ratios”.

“The upgrade also reflects the continued downward trajectory in the bank’s non-performing exposure (NPE) ratio, stable funding and improved access to the wholesale debt market to meet minimum requirements for own funds and eligible liabilities (MREL),” the agency added.