Alpha Bank pledges commitment to Cyprus economy in meeting with president

The Alpha Bank Group’s role in supporting the continued growth of Cyprus’ economy was discussed in a series of important meetings, according to an announcement released by the bank on Friday.

These meetings involved discussions with key Cypriot leaders including the President of the Republic of Cyprus, Nikos Christodoulides, the Archbishop of Cyprus, Georgios, the Minister of Finance, Makis Keravnos, and the Governor of the Central Bank, Constantinos Herodotou.

The discussions were led by Vasilis Rapanos, Chairman of the Board of Directors, and Vassilis Psaltis, CEO of the Group, along with a delegation of executives from both Greece and Cyprus.

Further emphasising the group’s commitment to Cyprus, the team, which also included Michael Colakides, Chairman of the Board of Alpha Bank Cyprus, and Miltos Michaelas, the new CEO of the bank, engaged with representatives from the Cyprus business community.

This interaction marked the group’s ways to enhance its presence in the Cypriot market and establish itself as a trusted banking partner for both businesses and individuals.

During the meeting with President Christodoulides, Psaltis expressed the group’s belief in Cyprus’ significant potential and its economy’s high growth and resilience amidst global challenges.

He highlighted the Group’s support for the government’s efforts to position Cyprus as an international business centre and commended the president’s role in the economy’s positive path.

The discussions also covered the management of non-performing loans (NPLs), recent geopolitical developments affecting Cyprus, and the progress of investments and projects funded by the Recovery and Resilience Fund in Greece and Cyprus.

In addition, the visit included a meeting with the Archbishop of Cyprus, Georgios, at the Archbishop’s Palace in Nicosia. Rapanos praised the church’s influence in both the spiritual and social realms and its contributions to the island’s economic revival.

In a joint statement with Cyprus’ Finance Minister, Makis Keravnos, both parties expressed satisfaction with Alpha Bank’s development plans, emphasising alignment with government objectives.

Keravnos stated, “I am particularly pleased that Alpha Bank has decided to continue its development in Cyprus and implement a development plan which is consistent with the goals of the Cypriot government.”

He further added, “We have identified areas where synergies and partnerships can be developed. I wish the bank every success and to continue its upward and developmental course.”

Echoing this sentiment, CEO Psaltis emphasised Cyprus’ strategic importance to the Alpha Bank Group

“For the Alpha Bank Group, Cyprus is an important market, not only because of the unbreakable ties that connect it with Greece but also because it has all the potential to become an international business centre, developing at a gateway from the East to Europe,” he said.

Psaltis underscored the bank’s commitment to contributing to Cyprus’ development narrative by leveraging its experience as an entrepreneurial Bank in Greece and its strategic partnership with UniCredit.

He added that “this allows us to open a window in the world for Cypriot businesses and to offer high-quality products and services to our customers”.

Meanwhile, Michaelas, emphasised the bank’s commitment to the Cypriot market, aligning with Psaltis’ remarks on Cyprus’ strategic importance.

The visit also included discussions with key clients, institutional and financial factors, and the Union of Bank Employees of Cyprus (Etyk), underscoring the bank’s dedication to its transformation programme and its role as a catalyst for local entrepreneurship and community progress. Psaltis specifically noted the importance of wholesale banking, wealth management, and the strategic partnership with UniCredit as foundational elements for supporting Cypriot businesses and attracting foreign direct investments.

Echoing these sentiments, Milto Michaelas, CEO of Alpha Bank Cyprus, interpreted the group management’s visit as a strong vote of confidence in Cyprus’ growth dynamics and a reaffirmation of their interest in the local market. He outlined Alpha Bank Cyprus’ ambitions for growth and extroversion, aiming to become a reliable banking pillar for the Cypriot economy’s development.

The leadership’s visit also included meetings with major clients in the Cypriot market and discussions with Loizos Hadjikosti and Christos Panayides of the bank employees union (Etyk). These interactions provided

a platform to discuss the progress of the bank’s transformation programme, signifying a new phase of development in Cyprus.

In conversations with the management and senior executives of Alpha Bank Cyprus, the group’s CEO outlined the vision to transform the bank into a key partner for Cypriot entrepreneurship and a catalyst for local progress, stressing the importance of accelerating the strategic plan’s implementation, and focusing on improving customer service.

Finally, the group’s CEO highlighted the opportunities in Wealth Management and the strategic advantages of their partnership with UniCredit, positioning Alpha Bank as a leader in supporting entrepreneurship in Cyprus and facilitating foreign direct investments.